Foreign Exchange Daily Market Update 20/06/18

Wed, June 20, 2018

Pound weakens as commons vote on Brexit and BOE Decision.

Sterling touched a fresh seven-month low against the dollar today ahead of a second vote on Parliament getting a say on a final Brexit deal with the EU.

GBP fell for a third straight day after a similar vote in the House of Lords saw the government defeat. If they vote in favour of Parliament having a “meaningful vote” it could impact Theresa May’s political future and how Brexit negotiations take. The risk of the BOE will push back on the timing of interest-rate hike is also weighing down the pound.

Today’s vote on the EU withdrawal bill amendment could will be a focal point of market anxiety and fears about the British political outlook on Brexit.

If the Commons dismiss the amendment the pound “should remain vulnerable under this outcome, given the threat of a Hard Brexit. 

GBP fell 0.1% to $1.31528 this morning, after touching $1.3148, its lowest since November. Sterling felling to 1.137 from 1.1402 against the Euro.

  •  Vote could impact PM May’s political future, Brexit path
  •  Economists doubtful on BOE August rate hike



Data to look out today.   

13:30 EUR Draghi speaks in Sintra Portugal.






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Data Releases

Day Time Currency Event
WED 06:00 EUR EUR German Producer Price Index (YoY)
WED 06:00 EUR EUR German Producer Price Index (MoM)
WED 08:00 EUR EUR ECB's Lautenschläger chairs panel in Sintra
WED 10:00 GBP GBP CBI Trends Total Orders
WED 10:00 GBP GBP CBI Trends Selling Prices
WED 10:30 EUR EUR ECB's Coeure is chairing a panel in Sintra Portugal
WED 11:00 USD USD MBA Mortgage Applications
WED 12:30 USD USD Current Account Balance
WED 13:30 EUR EUR Draghi Powell Kuroda and Lowe speak in Sintra Portugal
WED 14:00 USD USD Existing Home Sales
WED 14:00 USD USD Existing Home Sales (MoM)
WED 14:30 USD USD DOE U.S. Crude Oil Inventories
WED 14:30 USD USD DOE Cushing OK Crude Inventory
WED 14:30 USD USD DOE U.S. Gasoline Inventories
WED 14:30 USD USD DOE U.S. Distillate Inventory

Foreign Exchange Rates

GBP / USD 1.31481
GBP / EUR 1.13719
EUR / USD 1.15557
GBP / AUD 1.78009
GBP / CAD 1.74828
GBP / CHF 1.31140
GBP / CZK 29.334
GBP / DKK 8.49312
GBP / HKD 10.31789
GBP / INR 89.5908
GBP / JPY 144.851
GBP / MUR 45.82
GBP / NOK 10.77375
GBP / NZD 1.91003
GBP / PLN 4.90974
GBP / SEK 11.69886
GBP / SGD 1.78606
GBP / THB 43.1556
GBP / TRY 6.25752
GBP / ZAR 17.9857

*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team

June 2018
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