Wed, October 05, 2016
Anxiety over the economic impact of Brexit helped the Pound plunge through a post-referendum record on Tuesday and registers its lowest level against the Dollar since 1985.
A three-day decline in the Pound after U.K. PM Theresa May set a date to start the process of leaving the EU has left sterling trading at its weakest level against the Euro since 2011. Theresa May stated that the process will beging before March 2017. The pound reached a 31-year low against the Dollar among concern that the U.K. is headed for a so-called hard Brexit. A weaker currency may help support parts of the economy as the terms of the EU exit are negotiated.
Data showing improvements in manufacturing and construction barely dented the decline, and by 5 p.m. yesterday the U.K. currency had dropped as far as 1.2720 against the Dollar and a 3 1/2-year low of 1.1362 against the Euro.
Data to look out for today.
09:30: GBP UK Services PMI
13:30: USD ISM Non-Manufacturing Composite
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| Day | Time | Currency | Event |
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| WED | 07:00 | EUR | EUR ECB's Nowotny at Banking Conference in Vienna | WED | 07:45 | EUR | EUR Markit/ADACI Italy Services PMI | WED | 07:45 | EUR | EUR Markit/ADACI Italy Composite PMI | WED | 07:50 | EUR | EUR Markit France Services PMI | WED | 07:50 | EUR | EUR Markit France Composite PMI | WED | 07:55 | EUR | EUR Markit Germany Services PMI | WED | 07:55 | EUR | EUR Markit/BME Germany Composite PMI | WED | 08:00 | EUR | EUR Markit Eurozone Composite PMI | WED | 08:00 | EUR | EUR Markit Eurozone Services PMI | WED | 08:30 | GBP | GBP Markit/CIPS UK Services PMI | WED | 08:30 | GBP | GBP Markit/CIPS UK Composite PMI | WED | 08:30 | GBP | GBP Official Reserves (Changes) | WED | 09:00 | EUR | EUR Euro-Zone Retail Sales (MoM) | WED | 09:00 | EUR | EUR Euro-Zone Retail Sales (YoY) | WED | 11:00 | USD | USD MBA Mortgage Applications | WED | 12:15 | USD | USD ADP Employment Change | WED | 12:30 | USD | USD Trade Balance | WED | 13:45 | USD | USD Markit US Composite PMI | WED | 13:45 | USD | USD Markit US Services PMI | WED | 13:50 | GBP | USD Bank of England Bond-Buying Operation Results | WED | 14:00 | USD | USD Durables Ex Transportation | WED | 14:00 | USD | USD Cap Goods Orders Nondef Ex Air | WED | 14:00 | USD | USD ISM Non-Manufacutring Composite | WED | 14:00 | USD | USD Factory Orders | WED | 14:00 | USD | USD Factory Orders Ex Trans | WED | 14:00 | USD | USD Durable Goods Orders | WED | 14:00 | USD | USD Cap Goods Ship Nondef Ex Air | WED | 14:30 | USD | USD DOE U.S. Crude Oil Inventories | WED | 14:30 | USD | USD DOE Cushing OK Crude Inventory | WED | 14:30 | USD | USD DOE U.S. Gasoline Inventories | WED | 14:30 | USD | USD DOE U.S. Distillate Inventory |
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*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team
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