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Foreign Exchange Daily Market Update 31/01/2018

Wed, January 31, 2018

Sterling record new-year gains has masked over Brexit concerns

Sterling strongest start to a year on record has the bears running for cover.

The pound climbed 4.5% against the USD in January, its best run in the first month of a year since 1971, and 1.1 % against the Euro.

Sterling hit levels against the dollar last week to levels unseen since the UK referendum in June 2016 to leave the EU. A combination of optimism about a smoother Brexit and weaker dollar.  The Pound has steadily been rising since September, reaching the highest since 2014 last week.

The market’s focus has moved onto the transition period, so the downside didn’t materialize.  hopes for a grace period after the U.K.’s official exit, to smooth the separation and help businesses prepare to trade under a new establishment.  

yearend prediction where raised to 1.49 against the dollar rising to 1.52 come 2019, however some are expecting it to push past 1.50 mark by the end of the year. The pound traded at $1.4125 at yesterday evening, after reaching as high as $1.4345 on Jan. 25. Sterling traded at 1.402 against the euro.  

Data to look out today.   

19:00 USD rate decision.  

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
WED 07:00 EUR EUR German Retail Sales (MoM)
WED 07:00 EUR EUR German Retail Sales (YoY)
WED 08:55 EUR EUR German Unemployment Change (000's)
WED 08:55 EUR EUR German Unemployment Claims Rate s.a.
WED 09:50 EUR EUR ECB's Coeure Speaks in Dublin
WED 10:00 EUR EUR Euro-Zone Unemployment Rate
WED 10:00 EUR EUR Euro-Zone Consumer Price Index Core (YoY)
WED 10:00 EUR EUR Euro-Zone Consumer Price Index Estimate (YoY)
WED 12:00 USD USD MBA Mortgage Applications
WED 13:15 USD USD ADP Employment Change
WED 13:30 USD USD Employment Cost Index
WED 14:45 USD USD Chicago Purchasing Manager
WED 15:00 USD USD Pending Home Sales (MoM)
WED 15:00 USD USD Pending Home Sales (YoY)
WED 15:30 USD USD DOE U.S. Gasoline Inventories
WED 15:30 USD USD DOE U.S. Crude Oil Inventories
WED 15:30 USD USD DOE Cushing OK Crude Inventory
WED 15:30 USD USD DOE U.S. Distillate Inventory
WED 19:00 USD USD FOMC Rate Decision (Upper Bound)
WED 19:00 USD USD FOMC Rate Decision (Lower Bound)
WED USD USD Domestic Vehicle Sales
WED USD USD Wards Total Vehicle Sales

Foreign Exchange Rates

GBP/ USD 1.41673
GBP/ EUR 1.13666
EUR/ USD 1.24526
GBP/ AUD 1.74537
GBP/ CAD 1.73855
GBP/ CHF 1.34065
GBP/ CZK 28.7991
GBP/ DKK 8.4584
GBP/ HKD 11.07466
GBP/ INR 89.8942
GBP/ JPY 154.014
GBP/ NOK 10.87733
GBP/ NZD 1.9100
GBP/ PLN 4.7144
GBP/ SEK 11.09592
GBP/ SGD 1.85163
GBP/ THB 44.3611
GBP/ TRY 5.33634
GBP/ ZAR 16.77490

*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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