Foreign Exchange Daily Market Update 04/10/2016

Tue, October 04, 2016

Pound Falls To Lowest Level Since 1985

The Pound fell to its lowest level since 1985 (a three-decade low) versus the Dollar among mounting investor concern that the U.K. is heading for a so-called hard Brexit.

Sterling fell beyond its post-vote low and is down versus all but one of its major peers since PM Theresa May’s weekend statement that the U.K. would trigger its exit from the EU by March 2017. Declines have prolonged since May was said to refuse to prioritize the protection of the financial-services industry in negotiations with the EU.

The Pound has declined 14% against the Dollar since the U.K. voted to leave the EU on June 23, and just concluded its worst quarterly run of losses since 1984, with five straight declines.

Sterling fell 0.5% to 1.2781 against the Dollar as of 8:42 a.m., and touched 1.2757, its weakest level since 1985. The Pound fell to 1.1423 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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