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Foreign Exchange Daily Market Update 10/07/18

Tue, July 10, 2018

Pound weakens as resignations increases doubts about May's survival.

Sterling fell as Foreign Secretary Boris Johnson’s resignation leads to many asking the question if Theresa May will face a leadership challenge.

Sterling loss its gains after Boris, who was the face of the campaign to exit the EU, followed Brexit Secretary David Davis in stepping down over disagreements about the PM’s strategy for leaving the bloc. If a move by lawmakers to try ousting the prime minister could lead the sterling to fall as low as $1.25. 

Sterling had strengthened earlier on Monday as the market judged the resignation of Brexit Secretary Davis opened the way for the prime minister to seek a closer relationship with the EU. The PM told Parliament on Monday that the country will be leaving the EU’s single market and customs union, as she came under fire from some of her own lawmakers and the opposition.

The pound could weaken as low as $1.25 on a leadership challenge, however it could rallying as high as $1.34 on a Brexit strategy deal which also gains the backing of the EU.

Sterling fell 0.3% to $1.3241 yesterday afternoon, after gaining as much as 0.6% earlier in the day. It fell 0.3% against the euro to 1.127.

 

Data to look out today.   

Not much data due out today.

 

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
TUE 08:30 GBP GBP Visible Trade Balance (Pounds)
TUE 08:30 GBP GBP Trade Balance Non EU GBP/Mn
TUE 08:30 GBP GBP Trade Balance
TUE 08:30 GBP GBP Industrial Production (MoM)
TUE 08:30 GBP GBP Industrial Production (YoY)
TUE 08:30 GBP GBP Manufacturing Production (MoM)
TUE 08:30 GBP GBP Manufacturing Production (YoY)
TUE 08:30 GBP GBP Construction Output SA (MoM)
TUE 08:30 GBP GBP Construction Output SA (YoY)
TUE 08:30 GBP GBP U.K. Statistics Office Publishes First Monthly Estimate of GDP
TUE 08:30 GBP GBP Index of Services (MoM)
TUE 08:30 GBP GBP Index of Services (3Mo3M)
TUE 09:00 EUR EUR German ZEW Survey Current Situation
TUE 09:00 EUR EUR German ZEW Survey Expectations
TUE 09:00 EUR EUR Euro-Zone ZEW Survey (Economic Sentiment)
TUE 09:25 GBP GBP BOE Fintech Hub Head Cordelia Kafetz Speaks in London
TUE 10:00 USD USD NFIB Small Business Optimism
TUE 11:00 GBP GBP NIESR Gross Domestic Product Estimate
TUE 14:00 USD USD JOLTS Job Openings
TUE 15:30 USD USD U.S. to Sell 4-Week Bills
TUE 17:00 USD USD U.S. to Sell USD33 Bln 3-Year Notes
TUE 17:00 EUR EUR ECB's Lautenschlaeger Speaks in Frankfurt

Foreign Exchange Rates

GBP / USD 1.32280
GBP / EUR 1.13095
EUR / USD 1.16892
GBP / AUD 1.77917
GBP / CAD 1.73789
GBP / CHF 1.31686
GBP / CZK 29.3234
GBP / DKK 8.42863
GBP / HKD 10.38252
GBP / INR 90.9653
GBP / JPY 147.268
GBP / MUR 45.04
GBP / NOK 10.64308
GBP / NZD 1.94166
GBP / PLN 4.89439
GBP / SEK 11.58299
GBP / SGD 1.79651
GBP / THB 43.9081
GBP / TRY 6.25567
GBP / ZAR 17.81113

*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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