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Foreign Exchange Daily Market Update 04/10/18

Thu, October 04, 2018

May prepares to push Brexit deal through parliament.

Theresa May’s officials are drawing up plans to push her Brexit deal through Parliament to avoid a rebellion from her own party.

The Prime Minister’s team want the final withdrawal agreement approved by lawmakers within two weeks of signing the terms of the divorce in Brussels. Under that timetable, members of Parliament would vote on whether to accept or decline the divorce treaty by the beginning of December.

Fast-tracking the deal through the House of Commons is likely to be controversial, and will open May up to allegations that she’s denying lawmakers the chance to scrutinize the terms of Britain’s exit from the EU, but the payoff for the government will be in curbing the opportunities for rebels to try to block the deal

Reaching a deal quickly ministers believe it will be vital in allowing enough time in the parliamentary calendar to pass vital legislation before the Britain leaves the EU on March 29.

After months of bouncing from one crisis to the next, the PM needs to seal the deal or risk getting ousted. she needs to face those who want a clean break as well these that want another referendum.

Theresa May survived her Conservative Party’s annual conference largely unscathed, despite a new attack on her proposed deal from Brexit-backing rival as Boris Johnson. Now senior officials and negotiators on both sides are embarking on an intense round of talks aimed at thrashing out the terms of the exit deal.

Sterling traded at $1.296 against the dollar this morning, the Pound rose to €1.1287 against the Euro  


Data to look out today.   

13:30 USD Initial Jobless Claims. 





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

Data Releases

Day Time Currency Event
THURS 07:30 EUR EUR Markit Germany Construction PMI
THURS 08:00 GBP GBP New Car Registrations (YoY)
THURS 11:30 USD USD Challenger Job Cuts (YoY)
THURS 12:30 USD USD Initial Jobless Claims
THURS 12:30 USD USD Continuing Claims
THURS 13:15 USD USD Fed's Quarles Speaks at Community Banking Conference
THURS 14:00 USD USD Factory Orders
THURS 14:00 USD USD Factory Orders Ex Trans
THURS 14:00 USD USD Durable Goods Orders
THURS 14:00 USD USD Durables Ex Transportation
THURS 14:00 USD USD Cap Goods Orders Nondef Ex Air
THURS 14:00 USD USD Cap Goods Ship Nondef Ex Air
THURS 14:30 USD USD EIA Working Natural Gas Implied Flow
THURS 14:30 USD USD EIA Natural Gas Storage Change
THURS 23:00 EUR EUR ECB Vice President Luis de Guindos Speaks in Madrid

Foreign Exchange Rates

GBP / USD 1.29618
GBP / EUR 1.12865
EUR / USD 1.14879
GBP / AUD 1.83300
GBP / CAD 1.67033
GBP / CHF 1.28526
GBP / CZK 29.1089
GBP / DKK 8.41538
GBP / HKD 10.15636
GBP / INR 95.4553
GBP / JPY 148.237
GBP / MUR 44.46
GBP / NOK 10.6789
GBP / NZD 1.9977
GBP / PLN 4.86373
GBP / SEK 11.71170
GBP / SGD 1.78982
GBP / THB 42.2764
GBP / TRY 8.02882
GBP / ZAR 19.06648

*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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