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Foreign Exchange Daily Market Update 11/01/2018

Thu, January 11, 2018

Pound weakens for a fourth day as divisions in Brexit.

Sterling drops off for a fourth day as Chancellor Philip Hammond has asked the EU to indicate what future trade relationship it wants.  Brexit has uncertainty helped propel a seismic drop in London finance job vacancies.

Sterling has weakened as weak economic data and continued signs of divisions between the two sides in the Brexit talks. Recruitment firm Morgan McKinley said an annual 37% decline in job openings in December highlighted the looming “Brexodus” from the City of London.

A EU chief negotiator has said that UK should have limited access to EU markets, while the U.K. continues to call for parity for the financial services after Brexit. Many companies have voiced their concerns at the lack of progress on a post-Brexit trade deal and Hammond said that many feel the U.K. has “little, if any” sign of what kind of agreement the EU wants.

The pound increased by almost 10% against the dollar in 2017 but some are now saying that it has reached its peak. Sterling may hover close to current levels at $1.35 by year-end.

Sterling fell 0.1% to $1.3494 against the dollar, taking its weekly decline to 0.6%. It weakened 0.1% to 1.122 against the Euro.

 

Data to look out today.   

Not much 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

Day Time Currency Event
Thur 09:00 EUR EUR German Public Finances Balance-GDP Ratio
Thur 09:00 EUR EUR German Gross Domestic Product NSA (YoY)
Thur 09:30 GBP GBP Bank of England Credit Conditions & Bank Liabilities Surveys
Thur 10:00 EUR EUR Euro-Zone Industrial Production s.a. (MoM)
Thur 10:00 EUR EUR Euro-Zone Industrial Production w.d.a. (YoY)
Thur 12:30 EUR EUR ECB account of the monetary policy meeting
Thur 13:30 USD USD Producer Price Index Final Demand (MoM)
Thur 13:30 USD USD Producer Price Index Ex Food and Energy (MoM)
Thur 13:30 USD USD PPI Ex Food Energy Trade (MoM)
Thur 13:30 USD USD PPI Final Demand (YoY)
Thur 13:30 USD USD Producer Price Index Ex Food and Energy (YoY)
Thur 13:30 USD USD PPI Ex Food Energy Trade (YoY)
Thur 13:30 USD USD Initial Jobless Claims
Thur 13:30 USD USD Continuing Claims
Thur 13:30 USD USD Revisions: Philadelphia Fed Manufacturing Index
Thur 15:30 USD USD EIA Working Natural Gas Implied Flow
Thur 15:30 USD USD EIA Natural Gas Storage Change
Thur 18:00 USD USD U.S. to Sell USD12 Bln 30-Year Bonds Reopening
Thur 19:00 USD USD Monthly Budget Statement
Thur 20:30 USD USD Fed's Dudley Speaks on the U.S. Economic Outlook

Foreign Exchange Rates

GBP/ USD 1.3516
GBP/ EUR 1.12307
EUR/ USD 1.2030
GBP/ AUD 1.71586
GBP/ CAD 1.69526
GBP/ CHF 1.31768
GBP/ CZK 28.6745
GBP/ DKK 8.36450
GBP/ HKD 10.57585
GBP/ INR 86.0706
GBP/ JPY 150.708
GBP/ NOK 10.85781
GBP/ NZD 1.86915
GBP/ PLN 4.68835
GBP/ SEK 11.022263
GBP/ SGD 1.80504
GBP/ THB 43.2612
GBP/ TRY 5.12824
GBP/ ZAR 16.83000

*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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