Foreign Exchange Daily Market Update 09/01/2018

Tue, January 09, 2018

Sterling slips as weak data and return of U.K. Political Drama.

Sterling slips following weak economic data and uncertainty over Theresa May’s cabinet reshuffle.

The pound weakened after figures showed U.K. consumers curbed spending for the first time in five years in 2017. Other data out showed that house prices in the U.K fell for the first time in six months in December. Simultaneously, the prime minster is said to be considering creating a position for a minister in charge of contingency planning for a no-deal Brexit as part of a cabinet reshuffle.

The reshuffle is itself is unlikely to pull the pound down directly, whereas appointing a minister to plan for a crash EU exit could be regarded as supporting May’s previous claim that no deal on Brexit is better than a bad deal. This could see sterling weaken against the Euro.

Sterling fell 0.3% to $1.3528 against the dollar and was little changed at 1.132 against the Euro.   

Data to look out today.   

Not much data due 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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