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Foreign Exchange Daily Market Update 22/08/18

Wed, August 22, 2018

U.K. manufacturing increases on pound weakness

Manufacturing in the U.K. is benefiting from a weaker pound.

As the overall growth cooled off slightly in August, output and orders increased at a pace above the long-term average. Exporters, helped by the fall in sterling since the Brexit vote, are doing especially well. Export orders remained strong.

Manufacturing increased in 13 sectors out of 17, with food, drink and tobacco giving the biggest boost to growth.

The Bank of England unanimously voted to raise the benchmark interest rate to 0.75% at the beginning of August. The BOE estimates that the economy is growing fast enough to generate inflation pressures and that a series of limited and gradual rate hikes will be needed to keep prices in check.

The pound rose to $1.287 against the dollar today. Sterling weakened against the Euro to 1.11.

  • Output inflation pressures remain at a historically high level.
  • Exporters’ order books are looking robust as Brexit looms

 

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
WED 11:00 USD USD MBA Mortgage Applications
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
WED 18:00 USD USD FOMC Meeting Minutes

Foreign Exchange Rates

GBP / USD 1.28770
GBP / EUR 1.11091
EUR / USD 1.15855
GBP / AUD 1.75168
GBP / CAD 1.67607
GBP / CHF 1.26590
GBP / CZK 28.5635
GBP / DKK 8.28622
GBP / HKD 10.11059
GBP / INR 89.9043
GBP / JPY 142.075
GBP / MUR 43.53
GBP / NOK 10.77672
GBP / NZD 1.92223
GBP / PLN 4.75899
GBP / SEK 11.68408
GBP / SGD 1.75952
GBP / THB 42.1812
GBP / TRY 7.78635
GBP / ZAR 18.44390

*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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