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Foreign Exchange Daily Market Update 02/10/18

Tue, October 02, 2018

The pound’s rally is erased as details on Brexit compromise remain bleak.

Sterling erased its rally against the dollar as markets looked for more clarity on Theresa May’s planned Brexit offer aimed at resolving the contentious Irish border issue.

Sterling loss as much as 0.7% as strategists said May had already hinted last month at a compromise and that she would put forward a plan on how to avoid a hard border with Ireland after Britain leaves the EU. Britain would back down on opposition to some new goods checks and in exchange would expect the EU to allow the whole of Britain including Northern Ireland to stay in the Euro zone’s customs regime.

We must wait and see what the ‘new’ proposal is and how different it is from the offer already on the table. That’s is of course if the EU would accept the new offer and/or whether the hard-Brexiteers take additional steps to destabilize May even further.

Sterling weakened to 1.2959 against the dollar this morning, down from as high as $1.3116 yesterday. The pound rose to 1.1276 before falling to 1.1259 against the euro this morning.

  • Currency earlier jumped on news of U.K. offer on Irish border.
  • Doubts remain if EU will accept any new plan.


Data to look out today.   

17:00 USD FED chair Speaks in Boston.  





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Data Releases

Day Time Currency Event
TUE 06:00 GBP GBP Nationwide House Px (MoM)
TUE 06:00 GBP GBP Nationwide House Px NSA (YoY)
TUE 08:30 GBP GBP Markit/CIPS UK Construction PMI
TUE 08:45 GBP GBP BOE Chief Economist Haldane Chairs Panel in London
TUE 09:00 EUR EUR Euro-Zone Producer Price Index (MoM)
TUE 09:00 EUR EUR Euro-Zone Producer Price Index (YoY)
TUE 10:35 GBP GBP BOE's Haskel Chairs Panel in London
TUE 14:00 USD USD Fed's Quarles Testifies to Senate Banking Committee
TUE 15:30 USD USD U.S. to Sell 4-Week Bills
TUE 16:00 USD USD Fed's Chairman Powell Speaks at NABE Conference in Boston
TUE 23:01 GBP GBP BRC Shop Price Index (YoY)

Foreign Exchange Rates

GBP / USD 1.29580
GBP / EUR 1.12539
EUR / USD 1.15075
GBP / AUD 1.80716
GBP / CAD 1.66314
GBP / CHF 1.27503
GBP / CZK 29.0770
GBP / DKK 8.39238
GBP / HKD 10.15646
GBP / INR 95.1423
GBP / JPY 147.306
GBP / MUR 44.25
GBP / NOK 10.63189
GBP / NZD 1.96983
GBP / PLN 4.83973
GBP / SEK 11.68870
GBP / SGD 1.78617
GBP / THB 41.9636
GBP / TRY 7.84758
GBP / ZAR 18.62245

*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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