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Foreign Exchange Daily Market Update 08/03/2018

Thu, March 08, 2018

EU Rejects U.K. Trade Demands.

The EU rejected the U.K.’s bid to keep access to bits of the single market in particularly for the banks they said that they don’t share May’s goal of making a success of Brexit.

 EU President Donald Tusk described as May’s “pick and mix” approach. While the EU said it wants tariff-free and quota-free trade for goods, it said services can only be included with restrictions

I fully understand, and of course I respect, Theresa May’s political objective to demonstrate at any price that Brexit could be a success and was the right choice,” Tusk said “Sorry, it’s not our objective

The EU’s stance is the complete opposite to May’s approach to the ambitious partnership with the EU she wants. She is looking for a deal like that Canada has, which restricts services cooperation.  May risks the wrath of Brexit backers back in Britain, or soften her negotiating red lines, or accept that the U.K.’s access to its biggest market will be severely reduced.

The EU draft said that U.K. banks will be allowed to sell services in the EU under host-state rules. This echo’s the fact that the EU and U.K. “will no longer share a common regulatory, supervisory, enforcement and judiciary framework.

The pound rose to 1.387 this morning against dollar, sterling was unchanged against the Euro trading at 1.12


Data to look out today.   

12:45 EUR ECB Rate Decisions.

13:30 USD Initial unemployment claims  




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 Factory Orders (MoM)
THUR 07:00 EUR EUR German Factory Orders n.s.a. (YoY)
THUR 12:30 USD USD Challenger Job Cuts (YoY)
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 USD USD Initial Jobless Claims
THUR 13:30 USD USD Continuing Claims
THUR 15:30 USD USD EIA Working Natural Gas Implied Flow
THUR 15:30 USD USD EIA Natural Gas Storage Change
THUR 17:00 USD USD Household Change in Net Worth

Foreign Exchange Rates

GBP / USD 1.38753
GBP / EUR 1.12029
EUR / USD 1.23783
GBP / AUD 1.77908
GBP/ CAD 1.79363
GBP / CHF 1.31091
GBP / CZK 28.4619
GBP/ DKK 8.34630
GBP/ HKD 10.87315
GBP/ INR 90.2600
GBP/ JPY 147.124
GBP / MUR 45.43
GBP/ NOK 10.8829
GBP/ NZD 1.91128
GBP/ PLN 4.70510
GBP/ SEK 11.4465
GBP/ SGD 1.82652
GBP/ THB 43.9774
GBP/ TRY 5.29538
GBP/ ZAR 16.53484

*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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