Foreign Exchange Daily Market Update 07/12/2016

Wed, December 07, 2016

Pound Climbs To Two Month High

Sterling reached a two-month high as the U.K.’s top court noted a second day of arguments in a court case over who has the authoiry to trigger Britain’s exit from the EU.

The Pound advanced for a sixth day against the Dollar, having posted its first monthly gain since April in November. The U.K. government has already lost a case in the High Court over whether parliament should be allowed a vote before starting Brexit. If the Supreme Court also rules against the government, lawmakers will get a say in the process. This has tempered market concerns of a so-called hard Brexit, where Britain would lose access to the EU, and helped support the pound.

The Pound rose 0.2% to 1.2758 against the Dollar yesterday before falling to 1.2622 over night. Sterling also rose to 1.1848 against the Euro yesterday after touching 1.2041 Monday. However this also fell to 1.1777 over night.

Data to look out for today.

09:30 GBP Industrial Production

09:30: GBP Manufacturing Production

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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