Foreign Exchange Daily Market Update 15/08/2016

Mon, August 15, 2016

Pound Most At Risk Amongst Post Brexit Data

Pound traders may have more reasons to fret next week amongst economic reports that will show the true degree of the fallout from the U.K.’s decision to exit the EU.

Sterling, which is this year’s worst performing major currency, could come fall even lower as reports on inflation, retail sales and unemployment benefit claims provide more detail on how the U.K. economy is faring after the EU referendum. The U.K. currency has been one of the major causalities of Brexit, undergoing its worst-ever day when the result became clear, while losses deepened in the last week in the wake of the BOE’s decision to cut interest rates to 0.25% and boost its stimulus plan.

Sterling has fallen more than 13% since the U.K. decided to leave the EU, and fell below 1.30 last week for the first time since July, approaching the three-decade low of 1.2798 reached in the wake of the vote. It has already surpassed its post-Brexit low against the Euro, sliding to its lowest since August 2013 on Friday.

The Pound fell 1.2% last week to 1.2920 against the Dollar as of 5.55 p.m. London time on Friday, after touching 1.2909, the lowest since July 11. It slid 1.9% to 1.1569 against the Euro, after touching 1.1557.

Data to look out for today.

Not Much Data Out Today

CURRENCY PAYMENTS MADE SIMPLE

PRESS RELEASE

KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex http://www.essexchronicle.co.uk/100-Essex-businesses-revealed-annual-survey/story-25140555-detail/story.html

Data Releases