Foreign Exchange Daily Market Update 23/11/2016

Wed, November 23, 2016

Sterling No Longer The Main Focus

Sterling has plummeted 16% percent since the June 23 referendum in which the U.K. voted to leave the EU which caused the greatest fall of any major currency. Worry that a drop-off in investment will make it hard for the U.K. to fund its record current-account deficit has caused forecasters to cut the median first-quarter estimate to $1.23, down from $1.49 the night before the vote and in comparison to $1.2436 as of 4:15 p.m. yesterday.

Donald Trump’s victory in the U.S. election, Italy’s Dec. 4 referendum on constitutional reform and French and German elections next year are aiding to move attention away from Brexit. Add to that increased prospect of an interest-rate hike by the BOE next year, and the pound is looking like an increasingly good bet.

The Pound fell 0.2% against the Dollar to 1.2397 ahead of the U.K’s Autumn Budget Statement. Sterling also fell to 1.1669 against the Euro.

Data to look out for today.

12:30: GBP Autumn Budget Statement

13:30: USD Durable Goods Orders

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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