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Foreign Exchange Daily Market Update 03/09/18

Mon, September 03, 2018

Sterling could face months of volatility.

The next few months could be a roller-coaster a for the pound.

Sterling’s volatility left analysis scratching their heads last week, as Michel Barnier the Chief EU Negotiator promise to offer the U.K. an unprecedented partnership which sent the pound soaring more than 1% even though he had said it before. With both sides warning of the risk of no deal, the markets are going to become increasingly sensitive to Brexit headlines.

While a no deal seems unlikely, it’s a prospect that is pulling sterling down. U.K. lawmakers return this week from a summer recess with little progress made. Any proposed Brexit deal would have to be voted on by parliament before the U.K. leaves the EU in March

Headlines will keep on coming. As Dominic Raab the U.K. Brexit Secretary said that the October deadline for negotiating a deal may have to be pushed back, there is increasing talk of an extra emergency U.K.-EU summit in November, as well as the two meetings already scheduled for October and December.

If Britain does get a deal by the end of the year, sterling should rally. While most see bad news as having more of an impact than good news. A no-deal scenario would see a sharp move downwards, while any deal aggreged would only result in a gradual upwards move as details would still have to be worked out.

The pound fell to $1.28876 today from $1.3015 against the dollar. Sterling fell from €1.1147 to €1.10947 against the Euro.  


Data to look out today.   


Not much data out today.


The US is closed today due to National Holiday





KBRFX was mentioned in the Essex Chronicle for the top 100 companies by turnover in Essex

Data Releases

Day Time Currency Event
MON 06:30 EUR EUR ECB's Mersch Speaks in Paris
MON 07:45 EUR EUR Markit/ADACI Italy Manufacturing PMI
MON 07:50 EUR EUR Markit France Manufacturing PMI
MON 07:55 EUR EUR Markit/BME Germany Manufacturing PMI
MON 08:00 EUR EUR Markit Eurozone Manufacturing PMI
MON 08:30 GBP GBP Markit UK PMI Manufacturing s.a.
MON 09:20 EUR EUR ECB's Mersch Speaks in Paris
MON 23:01 GBP GBP BRC Sales Like-For-Like (YoY)
MON USD USD Wards Total Vehicle Sales

Foreign Exchange Rates

GBP / USD 1.28845
GBP / EUR 1.10931
EUR / USD 1.16023
GBP / AUD 1.78460
GBP / CAD 1.68012
GBP / CHF 1.24927
GBP / CZK 28.5540
GBP / DKK 8.26867
GBP / HKD 10.10785
GBP / INR 91.2128
GBP / JPY 142.961
GBP / MUR 43.91
GBP / NOK 10.75978
GBP / NZD 1.94542
GBP / PLN 4.76406
GBP / SEK 11.72611
GBP / SGD 1.76473
GBP / THB 42.1283
GBP / TRY 8.51359
GBP / ZAR 19.05087

*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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