Foreign Exchange Daily Market Update 04/11/2016

Fri, November 04, 2016

Pound Strives Towards Biggest Weekly Gain Since March

The Pound headed for its biggest weekly rise against Dollar since March as it received a double boost from a court decision and the BOE yesterday. Sterling climbed after a High Court ruling that the government needs parliament’s agreement to begin negotiations to leave the EY stoked speculation that this may delay or soften the terms of Brexit. The U.K. currency also rose as the BOE said it’s no longer expecting to cut interest rates this year.

The U.K. currency surged upon belief the High Court ruling will delay or soften the terms of the nation’s exit from the EU. Government bonds fell as BOE officials raised their predictions for growth and inflation, and indicated concern that higher consumer prices may even warrant tightening policy at some point.

The Pound rose 1.2% to 1.2474 against the Dollar this morning, having climbed yesterday to 1.2494, the highest since Oct. 7. That pared the U.K. currency’s slide since the June 23 vote to leave the EU. Sterling strengthened for a second day against the Euro, gaining 1.2% to 1.1247.

Data to look out for today.

12:30: USD Unemployment Rate

12:30: USD Change In Non-Farm Payrolls

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