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Foreign Exchange Daily Market Update 01/10/18

Mon, October 01, 2018

Sterling looks nervous as the Tory conference starts.

As the tory party conference kicked off yesterday after the Prime Minister speeches at the previous two annual gatherings prompted a fall in the pound. With the PM facing potential leadership threats and her Brexit stance under intense scrutiny.

Theresa May’s position is looking shaky once again. Her so-called Chequers blueprint for Britain’s exit from the EU has been bluntly rejected by both EU leaders and members from her own party, while her former Foreign Secretary Boris Johnson announced his own plan last week in a move generally interpreted as preparing for a potential leadership challenge.

The last two annual Tory conferences have shown it's ability to move the pound. In 2016, May surprised everyone by indicating a preference for a so-called hard Brexit, setting the scene for a flash crash, two day later the pound  touched its weakest level since 1985. Last year, the PM’s mishap-filled speech spurred on speculation of a leadership challenge, propelling the pound to drop to a one-month low in the days following.

Sterling traded at $1.3047 this morning after touching 1.3190 last week against the dollar. The rose to 1.1247 against the Euro this morning.


Data to look out today.   


15:00 USD manufacturing and employment for September.  





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Data Releases

Day Time Currency Event
MON EUR 06:00 EUR German Retail Sales (MoM)
MON EUR 06:00 EUR German Retail Sales (YoY)
MON EUR 07:45 EUR Markit/ADACI Italy Manufacturing PMI
MON EUR 07:50 EUR Markit France Manufacturing PMI
MON EUR 07:55 EUR Markit/BME Germany Manufacturing PMI
MON EUR 08:00 EUR Markit Eurozone Manufacturing PMI
MON GBP 08:30 GBP Net Consumer Credit
MON GBP 08:30 GBP Net Lending Sec. on Dwellings
MON GBP 08:30 GBP Mortgage Approvals
MON GBP 08:30 GBP Money Supply M4 (MoM)
MON GBP 08:30 GBP M4 Money Supply (YoY)
MON GBP 08:30 GBP M4 Ex IOFCs 3M Annualised
MON GBP 08:30 GBP Markit UK PMI Manufacturing s.a.
MON EUR 09:00 EUR Euro-Zone Unemployment Rate
MON USD 13:02 USD Fed's Bostic Speaks on Economic Development
MON USD 13:45 USD Markit US Manufacturing PMI
MON USD 14:00 USD Construction Spending (MoM)
MON USD 14:00 USD ISM Manufacturing
MON USD 14:00 USD ISM Employment
MON USD 14:00 USD ISM Prices Paid
MON USD 14:00 USD ISM New Orders
MON GBP 14:50 GBP BOE's Tenreyro Chairs Panel in London
MON USD 15:00 USD Fed's Kashkari Speaks in Minnetonka Minnesota
MON USD 15:30 USD U.S. to Sell 3-Month Bills
MON USD 15:30 USD U.S. to Sell 6-Month Bills
MON USD 16:15 USD Fed's Rosengren Speaks on the U.S. Outlook and Monetary Policy

Foreign Exchange Rates

GBP / USD 1.304025
GBP / EUR 1.12291
EUR / USD 1.16080
GBP / AUD 1.80556
GBP / CAD 1.66914
GBP / CHF 1.28103
GBP / CZK 28.9010
GBP / DKK 8.36938
GBP / HKD 10.20846
GBP / INR 94.8001
GBP / JPY 148.575
GBP / MUR 44.40
GBP / NOK 10.59489
GBP / NZD 1.97183
GBP / PLN 4.79973
GBP / SEK 11.58870
GBP / SGD 1.78617
GBP / THB 42.0379
GBP / TRY 7.77758
GBP / ZAR 18.36545

*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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