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Foreign Exchange Daily Market Update 02/07/18

Mon, July 02, 2018

Pound boosted by Data, but Still on track for worst Quarter Since 2016.

The pound rallied against the dollar on better than expected U.K. economic data.

Sterling gained the most since March after data showed that growth had picked up in the first quarter from previous three.

The positive data increases the case for an interest rate hike by the BOE as early as August.  Many analyses are now expecting a 65% chance of a hike in August, compared with 61% on Thursday.

Sterling has fallen to an almost eight-month low against the dollar on Thursday, as there is still no signs of a breakthrough in Brexit negotiations. Talks between the two parties broke down last week, with Theresa May saying negotiators were putting up obstacles to tackling terror. EU’s chief negotiator said on Friday that while progress had been made, “huge and serious divergence” remains

Sterling increased by as much as 0.8% on Friday to $1.3183 against the dollar, the biggest intraday gain since March 26. It is still down 6.5% since the end of March.

The pound rose 0.1 % against the euro to 1.13.

  • Better-than-forecast growth data boosts BOE August hike bets. 
  • Sterling lost more than 6% this quarter on Brexit uncertainty 


Data to look out today.   

15:00 USD Manufacturing.




KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex

Data Releases

Day Time Currency Event
MON 07:45 EUR EUR Markit/ADACI Italy Manufacturing PMI
MON 07:50 EUR EUR Markit France Manufacturing PMI
MON 07:55 EUR EUR Markit/BME Germany Manufacturing PMI
MON 08:00 EUR EUR Markit Eurozone Manufacturing PMI
MON 08:30 GBP GBP Markit UK PMI Manufacturing s.a.
MON 09:00 EUR EUR Euro-Zone Unemployment Rate
MON 13:30 EUR EUR ECB Executive Board Member Praet Speaks in Helsinki
MON 13:45 USD USD Markit US Manufacturing PMI
MON 14:00 USD USD Construction Spending (MoM)
MON 14:00 USD USD ISM Manufacturing
MON 14:00 USD USD ISM Employment
MON 14:00 USD USD ISM Prices Paid
MON 14:00 USD USD ISM New Orders
MON 15:30 USD USD U.S. to USD35 Bln Sell 4-Week Bills
MON 15:30 USD USD U.S. to USD48 Bln Sell 3-Month Bills
MON 15:30 USD USD U.S. to USD42 Bln Sell 6-Month Bills

Foreign Exchange Rates

GBP / USD 1.31400
GBP / EUR 1.12897
EUR / USD 1.16332
GBP / AUD 1.78529
GBP / CAD 1.73107
GBP / CHF 1.30482
GBP / CZK 29.3234
GBP / DKK 8.40944
GBP / HKD 10.30473
GBP / INR 90.2371
GBP / JPY 145.457
GBP / MUR 45.16
GBP / NOK 10.71940
GBP / NZD 1.95331
GBP / PLN 4.95405
GBP / SEK 11.69886
GBP / SGD 1.79647
GBP / THB 43.5468
GBP / TRY 6.06986
GBP / ZAR 18.14971

*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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