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Foreign Exchange Daily Market Update 03/10/18

Wed, October 03, 2018

Pound struggles as a No-Deal or a second referendum looks stronger.

The risk of a second referendum or even another general election needs to be taken on board. The biggest headache is still that Britain will crash out of the EU without an economic agreement, with negotiations at a standstill and time running out.  Some analysts see sterling falling almost 8 percent to $1.20 on such an outcome.

At its recent annual conference, the Labour Party said it plans to vote against the Prime Minister’s exit agreement with the EU and push for a fresh national vote, while seeing a second election on Brexit as a way of avoiding a chaotic separation from the euro zone. Analysts see a 23% probability of a no-deal Brexit, slightly up from 20% in a similar poll held in July.

The Labour party may consider backing a second referendum.  It does increase the chances of” a no-deal situation leading to a second referendum

Even with increasing Brexit uncertainty, sterling has strengthened in the last month. While this was partly due to a weak dollar. Sterling was trading around $1.2980 on Tuesday

At the annual conservative Party conference, Boris Johnson the former Foreign Secretary won plaudits with an attack on May’s Brexit plan, but stopped short of calling for her to be removed as prime minister. The prime minister is preparing to make a significant new offer to the EU -- including compromises on the contentious Irish border issue -- to open the door to a deal, according to a senior British government official.

The pound traded at $1. 3011 against the dollar this morning, sterling traded at 1.1233 against the Euro.

 

Data to look out today.   

15:00 USD Non-manufacturing services.  

 

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 07:45 EUR EUR Markit/ADACI Italy Services PMI
WED 07:45 EUR EUR Markit/ADACI Italy Composite PMI
WED 07:50 EUR EUR Markit France Services PMI
WED 07:50 EUR EUR Markit France Composite PMI
WED 07:55 EUR EUR Markit Germany Services PMI
WED 07:55 EUR EUR Markit/BME Germany Composite PMI
WED 08:00 EUR EUR Markit Eurozone Services PMI
WED 08:00 EUR EUR Markit Eurozone Composite PMI
WED 08:30 GBP GBP Official Reserves (Changes)
WED 08:30 GBP GBP Markit/CIPS UK Services PMI
WED 08:30 GBP GBP Markit/CIPS UK Composite PMI
WED 09:00 EUR EUR Euro-Zone Retail Sales (MoM)
WED 09:00 EUR EUR Euro-Zone Retail Sales (YoY)
WED 10:30 USD USD Fed's Evans Speaks in London
WED 11:00 USD USD MBA Mortgage Applications
WED 12:05 USD USD Fed's Barkin Speaks at Economic Conference in West Virginia
WED 12:15 USD USD ADP Employment Change
WED 13:45 USD USD Markit US Services PMI
WED 13:45 USD USD Markit US Composite PMI
WED 14:00 USD USD ISM Non-Manufacturing/Services Composite
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 18:15 USD USD Fed's Brainard Speaks in Chicago About Payment System
WED 18:15 USD USD Fed's Mester Speaks at Community Banking Conference

Foreign Exchange Rates

GBP / USD 1.30075
GBP / EUR 1.12370
EUR / USD 1.15678
GBP / AUD 1.81636
GBP / CAD 1.66964
GBP / CHF 1.28203
GBP / CZK 28.9660
GBP / DKK 8.37838
GBP / HKD 10.1926
GBP / INR 95.1923
GBP / JPY 148.116
GBP / MUR 44.44
GBP / NOK 10.6089
GBP / NZD 1.9800
GBP / PLN 4.82473
GBP / SEK 11.66870
GBP / SGD 1.78792
GBP / THB 42.0764
GBP / TRY 7.84738
GBP / ZAR 18.60645

*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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