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Foreign Exchange Daily Market Update 08/08/18

Wed, August 08, 2018

Sterling falls to its lowest level Since November against the Euro on fears of a No-Deal.


Sterling fell to its lowest level against the euro in almost nine months as a feeling that the U.K. could end up leaving the EU with no agreement for future economic ties.

The weakened for the third day in a row against the Euro. Liam Fox the international trade secretary said over the weekend that the risk of a no-deal Brexit had increased to as much as 60%.

Sterling weakness against the euro is a clear sign that markets are starting to focus on the pound-specific risks associated with a no-deal Brexit. We could see sterling fall even more to possible 1.09 -1.08 levels over the coming months as the uncertainty of a no-deal.

The pound fell as much as 0.2% to 1.112 against the euro, the weakest level since Nov. 15. There was little change against the dollar, trading at $1.2934, not far from an eleven-month low of $1.2920 reached Monday.

  • U.K.’s Liam Fox put chance of no-deal Brexit at 60 percent
  • Sterling could fall to 1.08 against the euro in coming months


Data to look out today.   

Not much data due out today.  





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Data Releases

Day Time Currency Event
WED 11:00 USD USD MBA Mortgage Applications
WED 12:45 USD USD Fed's Barkin Speaks in Roanoke Virginia
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
WED 17:00 USD USD U.S. to Sell 10-Year Notes
WED 23:01 GBP GBP RICS House Price Balance

Foreign Exchange Rates

GBP / USD 1.28986
GBP / EUR 1.11309
EUR / USD 1.15817
GBP / AUD 1.73997
GBP / CAD 1.68526
GBP / CHF 1.28498
GBP / CZK 28.4846
GBP / DKK 8.29396
GBP / HKD 10.12683
GBP / INR 88.5078
GBP / JPY 143.135
GBP / MUR 43.98
GBP / NOK 10.5986
GBP / NZD 1.91322
GBP / PLN 4.74177
GBP / SEK 11.52738
GBP / SGD 1.77913
GBP / THB 43.1212
GBP / TRY 6.81440
GBP / ZAR 17.20010

*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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