Foreign Exchange Daily Market Update 10/10/2016

Mon, October 10, 2016

Pound Plunges 4.2% As U.K. Heads For Hard Brexit

Sterling continued its fall as investors remained in the dark about the cause of last week’s flash crash and over whether the U.K. is truly headed for a hard Brexit.

The currency plunged 4.2% last week, its worst performance since June 24. The fall, which continued after PM Theresa May said at her party conference that she’ll start the process to leave the EU by March 2017, peaked in an unexplained 6.1% plunge during about two minutes in Asian hours on Friday. The currency finished the day down 1.4%.

Sterling, 2016’s worst performer among 32 major currencies, has tumbled as the probability has become more real for a so-called hard Brexit that would see the U.K. settling for reduced access to the EU’s single market in exchange for the government controlling immigration.

The Pound dropped 0.3% to 1.2394 against the Dollar as of 8:41 a.m. London time. Sterling weakened 0.2% to 1.1086 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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