Foreign Exchange Daily Market Update 02/12/2016

Fri, December 02, 2016

Pound Advances To A Two Month High

Sterling advanced as investors thrived on the possibility of the U.K. regaining preferential access to the EU’s single market after Brexit.

The Pound reached its strongest level in two months as Brexit Secretary David Davis said the U.K. would look at making contributions to the EU in order to ensure the best possible access to the EU.

The Pound’s gain is evidence of how responsive the currency is to officials’ comments about the future of Britain’s relationship with the EU once it quits the bloc. Sterling is the worst-performing major currency since the U.K.’s June 23 referendum, pulled down by worry that the nation is headed for a ‘hard exit’ where unfettered single-market membership is lost for immigration controls.

The Pound climbed 0.5% to 1.2572 against the Dollar as of 4:40 p.m. London time, having reached 1.2678, the strongest level since Oct. 6. It’s down 16% since the EU vote. It appreciated 0.2% to 1.1832 against the Euro after reaching 1.1944.

Data to look out for today.

13:30: USD Unemployment Rate

13:30: USD Change In Non-Farm Payroll

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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