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

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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