Foreign Exchange Daily Market Update 16/02/2018

Fri, February 16, 2018

Pound strengthens as the EU are said to be softening on Brexit transition.

Sterling rose on the back of dollar weakness and a report that the EU is considering its stance on the UK during the Brexit transition period.

GBP strengthen against the dollar for a fourth day in a row, touching a 10-day high.  Sterling rose after European Council’s Brexit working party was diluting the mechanism to sanction the U.K. if it breaks EU rules during the Brexit transition phase. No decision has yet been taken.

March EU summit and the BOE rate decision in May, increased by almost 80% chance that the central bank will raise interest rates at the meeting after the BOE said last week it may raise borrowing costs sooner and faster than previously expected.

Sterling increased by as much as 0.6% to $1.4077, taking its gains this week to 1.7%. It rose 0.2% against the euro to 1.125.

Data to look out today.   

9:30 GBP Retail sales (YOY) (JAN)  

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

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