Foreign Exchange Daily Market Update 07/09/2016

Wed, September 07, 2016

Pound Reaches Highest Level In 7 weeks

The Pound reached its highest level in over a month against the Euro as services became the latest part of the economy to show a bounce back after the Britain’s vote to exit the EU.

The U.K. currency advanced earlier this week to its highest since July against the Dollar after a report showed a gauge of U.K. services increased the most on record in August. The Pound has rose against all bar one of its 31 major peers in the past week after a run of reports showed the initial disruption from the June 23 referendum may not be as severe as some economists had forecasted.

UK Services PMI climbed to 52.9 from a seven-year low of 47.4 in July, the biggest monthly gain ever. The Pound surged against the Dollar yesterday afternoon after US ISM Non-Manufacturing/Services Composite come in at 51.4 which had a forecast of 54.9. The Pound rose to 1.3407 after this data release.

The pound fell 0.2% over night to 1.3412 as of 8:40 a.m. after climbing yesterday to 1.3445 against the Dollar , its highest level since mid-July. It weakened 0.1 percent to 83.85 pence per euro, ending a six-day gain.

Data to look out for today.

09:30: GBP Industrial Production

09:30: GBP Manufacturing Production

14:15: GBP Carney speaks in London

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