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Foreign Exchange Daily Market Update 10/05/2017

Wed, May 10, 2017

Sterling Rises Before BOE Rate Decision

The Pound is nearing the next step in its recover against the Dollar, with the currency nearly reaching the 1.30 level for the first time in 8 months.

Sterling rose versus the majority of its major peers this morning and is this year’s best-performing Group-of-10 currency, even as the fallout from Britain’s decision to exit from the EU is starting to show in economic data. This has kept the BOE from lifting raising rates despite rising inflationary pressures.

The central bank is due to deliver its policy decision tomorrow along with its quarterly Inflation Report. The BOE are expected to raise its 2017 inflation forecasts and lower its growth projections this week but whether this will mean more Monetary Policy Committee members opting for a hawkish dissent is uncertain.

The Pound rose 0.4% to 1.2985 against the Dollar and advanced against the Euro to 1.1919.

Data to look out for today.

12:00: ECB President Draghi Speaks In Dutch Parliament



KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex

Data Releases

Day Time Currency Event
WED 11:00 USD USD MBA Mortgage Applications
WED 11:00 EUR EUR ECB's Draghi Speaks in Dutch Parliament
WED 12:30 USD USD Import Price Index (MoM)
WED 12:30 USD USD Import Price Index ex Petroleum (MoM)
WED 12:30 USD USD Import Price Index (YoY)
WED 12:30 USD USD Export Price Index (MoM)
WED 12:30 USD USD Export Price Index (YoY)
WED 14:30 USD USD DOE U.S. Crude Oil Inventories
WED 14:30 USD USD DOE Cushing OK Crude Inventory
WED 14:30 USD USD DOE U.S. Gasoline Inventories
WED 14:30 USD USD DOE U.S. Distillate Inventory
WED 16:00 USD USD Fed's Rosengren to Speak on Economy at Vermont Business Group
WED 17:00 USD USD U.S. to Sell USD23 Bln 10-Year Notes
WED 18:00 USD USD Monthly Budget Statement

Foreign Exchange Rates

GBP/USD 1.2936
GBP/EUR 1.1903
EUR/USD 1.0861
GBP/AUD 1.7569
GBP/CAD 1.7745
GBP/CHF 1.3039
GBP/CZK 31.7748
GBP/DKK 8.8605
GBP/HKD 10.0773
GBP/INR 84.02
GBP/JPY 147.42
GBP/ NOK 11.2608
GBP/ NZD 1.86811
GBP/PLN 5.0181
GBP/ SEK 11.5353
GBP/ SGD 1.8261
GBP/THB 45.01
GBP/TRY 4.6662
GBP/ ZAR 17.5303
GBP/AED 4.7540

*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team

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