Foreign Exchange Daily Market Update 30/11/2016

Wed, November 30, 2016

Pound Rises After Mortgage Approval Data

The Pound rose among expanding evidence the U.K. economy is coping with the fallout from Brexit better than analysts expected.

Sterling advanced for the first time in three days against the Euro as a report showed mortgage approvals moved to the highest since March last month, signalling the housing market remains sturdy following the June vote to exit the EU.

While the pound is the only major currency to outperform the dollar this month, it is still down 16% since the June referendum. The U.K. economy is predicted to slow in 2017, with household incomes coming under pressure thanks to sterling’s fall.

Sterling rose 0.5% to 1.2480 against the Dollar as of 11:26 a.m. in London. It was 0.6% stronger at 1.1766 against the Euro.

Data to look out for today.

08:55: EUR German Unemployment Rate

10:00: EUR Euro-Zone Consumer Price Index

12:30: EUR Mario Draghi Speaks In Madrid

13:30: USD Personal Consumption Expenditure

15:00: USD OPEC Press Conference

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PRESS RELEASE

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