Foreign Exchange Daily Market Update 23/09/2016

Fri, September 23, 2016

Pound Slides After Boris Comments

The Pound declined the most in a week as British foreign secretary Boris Johnson raised concern that the U.K. is heading for a speedy exit from the EU.

Sterling’s decline finished a two-day rise versus the Dollar after Johnson told Sky News yesterday that the U.K. plans to trigger the Article 50 process in early 2017 and suggested the country’s exit from the EU could take less than two years.

The timing of Britain’s exit has become a main point for investors trying to indicate the longer-term implications of the referendum, with advanced negotiations likely to stoke more short-term volatility in the currency. Sterling is already down about 13% versus the Dollar since Britain voted to leave the EU in June, and is the worst-performing major currency in 2016.

The Pound fell 0.5% to 1.3016 against the Dollar as of 10:48 a.m., after rising to as high as 1.3121 the previous day. The Pound fell to 1.159 against the Euro.

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

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