Foreign Exchange Daily Market Update 17/10/2016

Mon, October 17, 2016

Sterling Down 18% Since Brexit Vote

BOE Deputy Governor Ben Broadbent stated that the Pound’s slump since the U.K. vote to leave the EU will help the economy overcome shocks from the decision.

Sterling is down about 18% since the vote on June 23 and is the worst performer this year among all of its major peers. Its brisk slump has stimulated commentary from a number of BOE policy makers in the past week, including Governor Mark Carney, who said he’s not indifferent to its level.

The weaker Pound is also pushing up import costs and will feed through to consumer prices over the coming months. Data tomorrow will probably show inflation rose to 0.9%. That’s below the BOE’s 2% target but would represent the fastest rate since 2014.

The Pound fell 0.3% against the Dollar to 1.2151. Sterling also declined against the Euro to 1.1072.

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