Foreign Exchange Daily Market Update 28/09/2016

Wed, September 28, 2016

Pound Heads For Fifth Quarterly Decline

The Pound approached its fifth quarterly decline against the Dollar, the longest run since 1984, as the currency bears the brunt of the U.K.’s decision to exit the EU.

The U.K currency is the worst performer among its 16 major peers this year, having plunged by the most on record against the Dollar on June 24, when Britain’s decision to leave the EU became clear. It touched a three-decade low in early July.

Sterling recovered some of its post-Brexit losses in August, when the first economic data covering the period since the referendum came in a lot stronger than expected. It continued the fall in recent weeks among belief that the country is heading for a quick exit from the EU.

The pound fell 0.2% to 1.3004 as of 9:12 a.m., down 2.3% since June 30. It dropped to a 31-year low of 1.2798 on July 6. Sterling was little changed at 1.1606 against the Euro.

Data to look out for today.

13:30: USD Durable Goods Orders

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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