Foreign Exchange Daily Market Update 03/10//2016

Mon, October 03, 2016

Pound Threatens Three Decade Low

The Pound threatened a three-decade low set in the days following the Brexit referendum after U.K. PM Theresa May stated that she will begin the procedure of leaving the EU by March 2017.

The U.K currency was about 1% from the 31-year low set in the days following the nation’s surprise decision in a June 23 referendum to leave the EU. A gauge of the dollar rose as traders sought the safest assets after May hinted she’s heading toward a so-called hard Brexit, and before U.S. payrolls data scheduled later this week that will help determine the Feds next policy move.

PM May said she’ll invoke Article 50 of the EU’s Lisbon Treaty by the end of the first quarter in 2017. She also promised to control immigration and pursue the best deal possible for U.K. businesses while preserving access to the single market.

The Pound fell 0.9% to 1.2861 against the Dollar as of 9:15 a.m., after reaching 1.2846. Sterling fell to 1.1456 against the Euro.

Data to look out for today.

09:30: GBP Markit UK PMI Manufacturing

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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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