Foreign Exchange Daily Market Update 25/01/2017

Wed, January 25, 2017

Pound Rises Above 1.25 Against USD

The Pound rose back above 1.25 against the Dollar after falling to a low of 1.2419 following the U.K. court decision.

The Pound reversed a morning drop yesterday after Brexit minister David Davis confirmed there will be no second referendum after the U.K. Supreme Court ruled Parliament will be compelled to hold a vote on the Brexit process. 

The U.K.’s highest court ruled May needs to seek parliamentary authorization to trigger Brexit, a predicted decision that hands lawmakers a chance to try to amend the government’s stance. The judges ruled unanimously that legislatures in Scotland and Northern Ireland don’t get to vote on the Article 50 process, which could have delayed May’s end-March time frame.

Economists see U.K. growth slowing through 2017 and expect full-year expansion of 1.2%, down from the 2% predicted for 2016. The quarterly pace may drop to 0.2% starting in the three months through June.

The Pound rose this morning to a high of 1.2578 against the Dollar. The Pound also rose to 1.17 against Euro.

Data to look out for today.

Not Much Data Out Today

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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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