Foreign Exchange Daily Market Update 10/10/2016

Wed, October 12, 2016

Pound Surges Against Dollar

The Pound surged against the Dollar, advancing towards its biggest gain in almost two months, after U.K. PM Theresa May accepted that Parliament should be allowed to vote on her plan for taking Britain out of the EU.

The move by the British prime minister eased investor concerns that May would be taking a gung-ho approach to the discussions, even as she asked lawmakers to vote in a way that gives her space to negotiate. Sterling climbed against all its 31 major peers. A gauge of the dollar retreated from a two-month high that was reached Tuesday as commodities-related currencies strengthened.

Sterling fell more than 6 percent this month through Tuesday after May signalled her intention to put immigration curbs before the City of London’s interests in pulling Britain out of EU. Investors were spooked by a 6.1 percent plunge in two minutes during Asian trading on Oct. 7, cementing the pound’s position as the worst-performing major currency this year. The flash crash was blamed on possible human error and algorithms at a time when liquidity was scarce.

The Pound climbed 1.1% to 1.2256 as of 7:02 a.m., rallying from a 4.9% slide over the previous four days. It’s set for the biggest gain since Aug. 16. The currency advanced 1.3% to 1.1107 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

Data Releases