Foreign Exchange Daily Market Update 05/10/2017

Thu, October 05, 2017

Sterling falls as May’s leadership is questioned.

The Pound falls as prime minister Theresa May’s leadership came under question and the crisis comes at a sensitive time for Brexit talks, and risks further postponing any progress.

May had just won had found some goodwill from EU partners with her concessions in Florence, giving some momentum to talks. Talks are due to restart again in Brussels on Monday, and EU counterparts will be struggling to understand who is calling the shots in London.

May is finding it hard to reassert her authority after she gambled on an early election in June. Instead of boosting May’s party’s power in Parliament, the vote cost the Tories their majority in the House of Commons. In an attempt to reboot her leadership, she apologized for the election fiasco in a speech to the Tory party conference on Wednesday.

Yet that was overshadowed by a succession of mishaps, after a prankster interrupted her to hand her a P45. She then struggled to hold a coughing fit for the remainder of her speech, repeatedly pausing to sip water and suck a throat drop. The final indignity, the letters of the Tory slogan began to fall off the stage set behind her. 

The Pound has fallen to 1.313 against the dollar this afternoon, after reaching a high of 1.3659 a couple of weeks ago.  Sterling fell to 1.1206 against the Euro this afternoon.

Data to look out today.   

No data due out today.

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

Data Releases