Foreign Exchange Daily Market Update 31/10/2016

Mon, October 31, 2016

Pound Declines Despite Good Gross Domestic Product Figures

The Pound’s answer to last week’s report on GDP provided an understanding into currency traders’ mindset towards Brexit.

The U.K. currency declined on Thursday, even after the first growth data to cover the period since the June 23 referendum came in ahead of analysts’ expectations. That highlighted how the Pound tends to shrug off good economic data and yet falls when concerns flare up on Britain’s exit from the EU.

Sterling has become the most prominent sufferer of the Brexit debate, falling 18% versus the Dollar since the U.K. voted in June to leave the EU. The pound is the worst performer among major currencies this year.

While the Pound rose about 0.2% after the Office for National Statistics said Thursday that the U.K. economy grew 0.5% in the third quarter, the move was squandered within minutes. The currency was little changed Friday, at 1.2169 against the Dollar, having fallen as much as 0.4% earlier. Sterling was at 1.1102 against the Euro.

Data to look out for today.

10:00: EUR Euro-Zone Consumer Price Index

10:00: EUR Euro-Zone Consumer Price Index

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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