Foreign Exchange Daily Market Update 25/01/2018

Thu, January 25, 2018

Sterling hits highest level since April as Jobs data adds to enthusiasm.

Sterling increased hit the highest level since April as hopes for a soft Brexit and better-than-expected employment figures strengthen the pound against a weaker dollar.

Sterling hit $1.426 against the dollar, as indications are that Britain may stay close to EU rules after leaving the bloc which helped the sterling extend its gains made on the back of strong U.K. employment figures.

Sterling has also benefited from a weaker dollar, with the GBP rising nearly 3% this week.  

Data showed UK employment rose and wage growth increased slightly in November, sterling gained momentum when David Davis the U.K. Brexit Secretary told lawmakers that Britain will initially stay closely aligned to the EU’s regulatory jurisdictions after it leaves. He also mentioned that an agreement could be fixed on a transition period following Brexit by March.

Many analysts expect further sterling strength. 

The strong jobs report could result in a repricing of market expectations for the next BOE interest-rate hike, which could further boost the pound. We could see baby steps in Feb quality inflationary report and then a move in May’s meeting.

Sterling increased by as much as 1.7%, the highest since April 18, to $1.4262 against the dollar. It rose 0.9% to 1.409 against the Euro.


Data to look out today.   

12.45 EUR rate decision.




KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex

Data Releases

Day Time Currency Event
THUR 07:00 EUR EUR German GfK Consumer Confidence
THUR 09:00 EUR EUR German IFO Business Climate
THUR 09:00 EUR EUR German IFO Expectations
THUR 09:00 EUR EUR German IFO Current Assessment
THUR 09:30 GBP GBP BBA Loans for House Purchase
THUR 11:00 GBP GBP CBI Reported Sales
THUR 11:00 GBP GBP CBI Total Dist. Reported Sales
THUR 12:45 EUR EUR European Central Bank Rate Decision
THUR 12:45 EUR EUR ECB Marginal Lending Facility
THUR 12:45 EUR EUR ECB Deposit Facility Rate
THUR 13:30 EUR EUR ECB President Draghi holds press conference in Frankfurt
THUR 13:30 USD USD Advance Goods Trade Balance
THUR 13:30 USD USD Wholesale Inventories (MoM)
THUR 13:30 USD USD Retail Inventories (MoM)
THUR 13:30 USD USD Initial Jobless Claims
THUR 13:30 USD USD Continuing Claims
THUR 15:00 USD USD New Home Sales
THUR 15:00 USD USD New Home Sales (MoM)
THUR 15:00 USD USD Leading Index
THUR 15:30 USD USD EIA Working Natural Gas Implied Flow
THUR 15:30 USD USD EIA Natural Gas Storage Change
THUR 16:00 USD USD Kansas City Fed Manf. Activity
THUR 18:00 USD USD U.S. to Sell USD28 Bln 7-Year Notes

Foreign Exchange Rates

GBP/ USD 1.42573
GBP/ EUR 1.14913
EUR/ USD 1.24126
GBP/ AUD 1.76541
GBP/ CAD 1.75697
GBP/ CHF 1.34241
GBP/ CZK 28.7991
GBP/ DKK 8.5544
GBP/ HKD 11.14208
GBP/ INR 90.52342
GBP/ JPY 155.396
GBP/ NOK 11.01572
GBP/ NZD 1.93148
GBP/ PLN 4.7600
GBP/ SEK 11.26361
GBP/ SGD 1.86155
GBP/ THB 44.7240
GBP/ TRY 5.33634
GBP/ ZAR 16.95990

*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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