Foreign Exchange Daily Market Update 29/11/2016

Tue, November 29, 2016

Mario Draghi Speaks In Brussels

ECB President Mario Draghi informed that the U.K’s economy would be the first to suffer pain if its choice to exit the EU leads to trade protection measures.

He also stated the ECB’s willingness to go on injecting cash into the euro-area economy to resist risks to the currency bloc’s recovery. Geopolitics has become “the major source of uncertainty” for the coming months, though the euro area economy continues to enlarge at “a moderate but steady pace,” he said, adding that bizarre monetary stimulus should ensure that this progressive trend can be continued.

British PM Theresa May says that by March she’ll formally reveal Britain’s plan to exit the EU, generating at least two years of probable contentious talks between Brussels and London. Her government could be forced to choose between remaining in the EU single market and retaking control over immigration.

The Pound tumbled, paring a rally that has sent it higher for three of the past four weeks. It slumped as much as 0.7% to 1.2386 against the Dollar as the domestic debate over the form of the U.K’s EU exit intensified and after a Confederation of British Industry survey showed services companies are increasingly pessimistic about the future. Sterling was little changed against the Euro at 1.1689.

Data to look out for today.

13:00: EUR German Consumer Price Index

15:00: USD Consumer Confidence

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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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