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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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

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