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Foreign Exchange Daily Market Update 10/10/18

Wed, October 10, 2018

Sterling looks set for big rally as Brexit deal advances.

Britain is close to reaching a deal on Brexit, which could see a potentially historic increase in the pound.

An impending deal is looking more likely. The chances of a no-deal hard Brexit are very low, and a deal in the coming weeks will likely allow the pound to rally.

Sterling is very under-valued.  It is still reasonable to view $1.55 as a valid fair value. That would be an 18 % rise from the $1.3139 it traded at this morning.

With one week to go ahead of the crucial summit, where EU leaders could determine the outcome of Brexit, confidence is growing that a deal may be in sight. British and EU officials are locked in talks in Brussels over a compromise that could see the U.K. remain temporarily in the EU’s customs regime.

Hopes for a deal already have helped the pound gain almost 4% since mid-August.

The pound may be volatile in the short-term, but its positive long-term outlook is more certain.  The upside is considerable, against both the dollar and the euro.

Sterling traded at $1.3151 after touching 1.3181 against the dollar. The pound fell to €1.1439 after spiking at €1.1463 against the Euro this morning.   

 

Data to look out today.   

Not much data out today.

 

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 08:30 GBP GBP Trade Balance
WED 08:30 GBP GBP Visible Trade Balance (Pounds)
WED 08:30 GBP GBP Trade Balance Non EU GBP/Mn
WED 08:30 GBP GBP Industrial Production (MoM)
WED 08:30 GBP GBP Industrial Production (YoY)
WED 08:30 GBP GBP Manufacturing Production (MoM)
WED 08:30 GBP GBP Manufacturing Production (YoY)
WED 08:30 GBP GBP Construction Output SA (MoM)
WED 08:30 GBP GBP Construction Output SA (YoY)
WED 08:30 GBP GBP Gross Domestic Product (MoM)
WED 08:30 GBP GBP Monthly Gross Domestic Product 3M/3M Change
WED 08:30 GBP GBP Index of Services (MoM)
WED 08:30 GBP GBP Index of Services (3Mo3M)
WED 09:00 GBP GBP BOE's Haldane speaks in London.
WED 11:00 USD USD MBA Mortgage Applications
WED 12:30 USD USD Producer Price Index Ex Food and Energy (MoM)
WED 12:30 USD USD Producer Price Index Final Demand (MoM)
WED 12:30 USD USD Producer Price Index Final Demand (YoY)
WED 12:30 USD USD Producer Price Index Ex Food Energy Trade (MoM)
WED 12:30 USD USD Producer Price Index Ex Food Energy Trade (YoY)
WED 12:30 USD USD Producer Price Index Ex Food and Energy (YoY)
WED 14:00 USD USD Wholesale Inventories (MoM)
WED 14:00 USD USD Wholesale Trade Sales (MoM)
WED 15:30 USD USD U.S. to Sell USD36 Bln 3-Year Notes
WED 16:15 USD USD Fed's Evans Speaks on Economy and Monetary Policy
WED 17:00 USD USD U.S. to Sell USD23 Bln 10-Year Notes Reopening
WED 22:00 USD USD Fed's Bostic Speaks on Economic Outlook
WED 23:01 GBP GBP RICS House Price Balance
WED USD USD Monthly Budget Statement

Foreign Exchange Rates

GBP / USD 1.31553
GBP / EUR 1.14350
EUR / USD 1.14988
GBP / AUD 1.85132
GBP / CAD 1.70433
GBP / CHF 1.30426
GBP / CZK 29.5129
GBP / DKK 8.53138
GBP / HKD 10.31036
GBP / INR 97.4986
GBP / JPY 148.914
GBP / MUR 45.05
GBP / NOK 10.80089
GBP / NZD 2.035513
GBP / PLN 4.92489
GBP / SEK 11.96604
GBP / SGD 1.807392
GBP / THB 43.2884
GBP / TRY 7.99076
GBP / ZAR 19.22238

*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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