Foreign Exchange Daily Market Update 09/03/2017

Thu, March 09, 2017

Sterling Continues To Decline After UK Budget Announcement

The U.K. currency continued to fall against the Dollar and gilts prolonged their losses after U.K. Chancellor Philip Hammond displayed his first budget as Britain gets ready to leave the EU.

While the Office for Budget Responsibility’s 2017 growth forecast was amended up to 2% from the 1.4% forecasted in November, it was still below the 2.2% prediction last year before the U.K. voted to leave the EU. The institution shortened its growth expectations for 2018 and beyond.

The Brexit process become even more problematic this week after Theresa May lost a second vote in the House Of Lords over the conditions to her draft bill, setting the stage for likely tussles before Article 50 can be invoked.

Sterling continued to fall against both the Dollar and the Euro to 1.2449 and 1.1516.

Data to look out for today.

12:45: EUR ECB Rate Decision

12:45: EUR ECB Marginal Lending Facility

12:45: EUR ECB Deposit Facility Rate

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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