Foreign Exchange Daily Market Update 29/08/18

Wed, August 29, 2018

Pound Slips as May Comments Fuel Concerns About No-Deal Brexit.

The Pound fell against the euro for a fifth day in a row after Theresa May refreshed the fears of a no-deal.

GBP was set for its fourth monthly loss against the Euro as many analyses grow increasingly concerned by the prospect of Britain leaving the EU without a pact on their future relationship. With seven months to go until the Britain’s departure, May said that the UK can still make a success of Brexit without an agreement while France is set to draw up an emergency plan for such an outcome.

Both sides confirmed last week that they would hold continuous negotiations from then on to secure a deal, as a U.K. government spokesman said that the country was working toward an October deadline.

Sterling could fall as low as $1.20 if no agreement is, a 7% drop from the current level.

Sterling fell as low as 0.2% against the Euro. It was little changed at $1.2894 against the dollar.

• May said Britain’s EU exit can be successful without any pact.
• Analysts saw a 20% chance of no agreement in a July survey

Data to look out today.   

13:30 USD GDP.

CURRENCY PAYMENTS MADE SIMPLE

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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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