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Foreign Exchange Daily Market Update 20/03/2018

Tue, March 20, 2018

Pound’s Gain on Brexit Transition Deal Agreement May Be Capped

The pound gained 1% and as Brexit negotiations confirmed a transition deal has been reached, after analyst the currency’s medium-terms are likely to be limited.

GBP continued to rise above $1.40 to the highest in a month, as the EU, said Brexit talks had reached a “decisive step” along with that a large proportion of the final exit treaty has been settled. David Davis ahead of an EU summit this week, said agreement had been reached on citizens’ rights and the exit bill.

Any sterling increase could be brief, given longer-term challenges faced by Britain, including that of reaching a trade pact with the EU.

It seems that more progress has been made in Brexit talks than many people had thought possible.  It raises the likelihood of a smoother and more orderly Brexit.  which weakens risks for the U.K. economy in the coming years, meaning a stronger pound and more BOE rate hikes.

The main stumbling block to a transition deal had been the Irish border, with Theresa May saying after the first draft that no U.K. leader could accept such a deal. Both sides were unable to come to an agreement on this issue

The Bank of England’s meeting on Thursday is also in focus, as many expect the next rate hike to come in May.

The pound up 1.0 % to $1.4080 yesterday afternoon, the highest since Feb. 16. Sterling gained 0.8% to 1.135 against the euro.

 

Data to look out today.  

09:30 GBP Consumer Price Index (CPI)

 

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
TUES 07:00 EUR EUR German Producer Price Index (YoY)
TUES 07:00 EUR EUR German Producer Price Index (MoM)
TUES 09:30 GBP GBP CPIH (YoY)
TUES 09:30 GBP GBP Consumer Price Index (MoM)
TUES 09:30 GBP GBP Consumer Price Index (YoY)
TUES 09:30 GBP GBP Core Consumer Price Index (YoY)
TUES 09:30 GBP GBP Retail Price Index
TUES 09:30 GBP GBP Retail Price Index (MoM)
TUES 09:30 GBP GBP Retail Price Index (YoY)
TUES 09:30 GBP GBP Retail Price Index Ex Mort Int.Payments (YoY)
TUES 09:30 GBP GBP Producer Price Index Input n.s.a. (MoM)
TUES 09:30 GBP GBP Producer Price Index Input n.s.a. (YoY)
TUES 09:30 GBP GBP Producer Price Index Output n.s.a. (MoM)
TUES 09:30 GBP GBP Producer Price Index Output n.s.a. (YoY)
TUES 09:30 GBP GBP Producer Price Index Output Core n.s.a. (MoM)
TUES 09:30 GBP GBP Producer Price Index Output Core n.s.a. (YoY)
TUES 09:30 GBP GBP House Price Index (YoY)
TUES 10:00 EUR EUR German ZEW Survey Current Situation
TUES 10:00 EUR EUR German ZEW Survey Expectations
TUES 10:00 EUR EUR Euro-Zone ZEW Survey (Economic Sentiment)
TUES 15:00 EUR EUR Euro-Zone Consumer Confidence
TUES 15:30 USD USD U.S. to Sell 4-Week Bills
TUES 14:30 USD USD Fed's Kashkari Speaks in Moderated Q&A
TUES 17:00 USD USD Baker Hughes U.S. Rig Count
TUES 23:00 USD USD Fed's Rosengren Speaks at International Research Forum
TUES EUR EUR German Import Price Index (MoM)
TUES EUR EUR German Import Price Index (YoY)

Foreign Exchange Rates

GBP / USD 1.40334
GBP / EUR 1.13796
EUR / USD 1.23244
GBP / AUD 1.82292
GBP/ CAD 1.83404
GBP / CHF 1.33481
GBP / CZK 28.9341
GBP/ DKK 8.47652
GBP/ HKD 11.0106
GBP/ INR 91.4464
GBP/ JPY 149.152
GBP / MUR 45.76
GBP/ NOK 10.81339
GBP/ NZD 1.945102
GBP/ PLN 4.80642
GBP/ SEK 11.47235
GBP/ SGD 1.84896
GBP/ THB 43.7677
GBP/ TRY 5.53361
GBP/ ZAR 16.83572

*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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