Foreign Exchange Daily Market Update 18/08/2016

Thu, August 18, 2016

Pound shows no signs of increasing. 

The Pound came close to a three-year low against the Euro even after the UK employment market showed signs of strength following the UK’s decision to quit the European Union.

While it briefly rallied against the Dollar and the Euro, Data showed unemployment benefit claims fell by 8,600 in July, following an increase of 900 in June. It was predicted a gain of 9,000 in what were the first official numbers since the Brexit referendum.

The Pound rose somewhat on the back of this data but couldn’t keep the gains. The data surprise was far from a game changer and in the end it is the political uncertainty that is the main point against sterling right now. Whether to lay off workers or not will in the end depend on the outcome of the Brexit negotiations with the EU

The Pound fell 0.3% to $1.3005 yesterday afternoon, after earlier climbing as much as 0.2%. It jumped 1.3% on Tuesday. Sterling fell 0.3% to 1.1532 against the Euro, close to its weakest level in three years, reached the previous day. 

Data to look out today.   

13:30 USD initial Jobless claims.

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