Foreign Exchange Daily Market Update 01/02/2017

Wed, February 01, 2017

UK Factory Costs Rise At Record Pace

U.K. factories saw costs rise at a record pace at the start of 2017.

While the weaker currency continues to squeeze manufacturers, the positive impact on exports appears to be declining. In its monthly PMI, IHS Markit said there were hints that the exchange rate boost was decreasing, and growth in new overseas business slowed sharply in January.

However, the report showed a mainly positive outlook, with Markit’s headline activity index at 55.9, well above the key 50 level that splits growth from contraction. A measure of output rose to the highest in almost three years.

U.K. house-price inflation slowed to the least in more than a year last month. The annual rate of growth eased to 4.3% from 4.5% in December. On a monthly basis, values edged up 0.2% percent to an average 205,240 pounds.

The Pound rose against both the Dollar and the Euro to 1.2603 and 1.1678.

Data to look out for today.

15:00: USD ISM manufacturing

19:00: USD FOMC Rate Decision

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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