Foreign Exchange Daily Market Update 18/12/2017

Mon, December 18, 2017

Sterling movement will be shaped by Brexit trade talks.

Sterling may be vulnerable as Theresa May will meet with lawmakers today and will meet with her cabinet ministers later this week to start mapping out what they want Britain’s future trade relationship with the EU will look like. Meanwhile, with May being under pressure from businesses to secure a transition period for when the UK will leave, the European Commission is planning to unveil its latest stance on the issue on Wednesday.

After May’s defeat at the hands of her own party trying to prevent an amendment to legislation that grants lawmakers a meaningful vote on the final Brexit deal, the prime minster faces another knife-edge session in Parliament this week on her plans to put a specific leaving date into law. There is a strong acknowledgment, that the next stage of the U.K.-EU negotiations will be even harder than the first.

The pound rose 0.2% to $1.3350 this morning, after a second week of losses. There was little change against the euro trading at 1.134.

Data to look out today.   

Not much data out today

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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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