Foreign Exchange Daily Market Update 22/11/2016

Tue, November 22, 2016

Pound Advances As PM Theresa May Eases Fear Over Hard Brexit

Sterling advanced the most in more than three months as PM Theresa May accepted calls from Britain’s main corporate lobby group to evade a “cliff-edge” departure from the EU. However, her aides hurried to explain afterwards that the PM was not suggesting at the prospect of a traditional deal to smooth Brexit, leaving business little wiser about the PM’s strategy.

Much of the gains came in just one minute, and hours after May spoke, leading to belief that they were provoked by thin trading, and similar to sterling’s Oct. 7 flash crash to a 31-year low of 1.1841. May stated to the Confederation of British Industry’s annual conference in London that she may be open to a transitional trade deal with the EU, helping calm concerns that the U.K. is headed for a so-called hard Brexit.

The Pound rose 1.3% to 1.2502 against the Dollar as of 3:50 p.m. yesterday, the most since Aug. 2, and climbed against all 31 of its major peers. Sterling reached levels of 1.1778 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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