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Foreign Exchange Daily Market Update 16/10/18

Tue, October 16, 2018

Sterling strengthened after wage increase papers overs the growing Brexit uncertainty.

Sterling rose after British wages grew at its fastest pace in almost a decade, compensating concerns over Brexit.

The pound strengthened as data showed that average earnings in the last three months excluding bonuses rose by 3.1% and unemployment was held at a 43-year low, indicating the economy is operating with little slack. GBP had been weighed down due to the deadlock in Brexit talks, ahead of the EU summit on Wednesday that was meant to be a deadline to get a deal done.

Earnings have surprised to the upside, which is even more surprising given the uncertainty over Brexit. The solid numbers are driving the pound onto $1.32 levels.

In spite of the stronger wage numbers, the Bank of England is not expected to increase interest rates before the UK leaves the EU in March. The next rate hike is being priced in for August 2019.

The pound rose 0.4% to $1.3200 against the dollar at 10:00 this morning. It has strengthened 0.3% to €1.1412 against the euro.  


Data to look out today.   

Not much data due out today.





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

Data Releases

Day Time Currency Event
TUE 06:00 EUR EUR German Import Price Index (MoM)
TUE 06:00 EUR EUR German Import Price Index (YoY)
TUE 08:30 GBP GBP Claimant Count Rate
TUE 08:30 GBP GBP Jobless Claims Change
TUE 08:30 GBP GBP Average Weekly Earnings (3M/YoY)
TUE 08:30 GBP GBP Weekly Earnings ex Bonus (3M/YoY)
TUE 08:30 GBP GBP ILO Unemployment Rate 3Mths
TUE 08:30 GBP GBP Employment Change 3M/3M
TUE 09:00 EUR EUR Euro-Zone Trade Balance s.a.
TUE 09:00 EUR EUR Euro-Zone Trade Balance (euros)
TUE 09:00 EUR EUR German ZEW Survey Current Situation
TUE 09:00 EUR EUR German ZEW Survey Expectations
TUE 09:00 EUR EUR Euro-Zone ZEW Survey (Economic Sentiment)
TUE 13:15 USD USD Industrial Production (MoM)
TUE 13:15 USD USD Capacity Utilization
TUE 13:15 USD USD Manufacturing (SIC) Production
TUE 14:00 USD USD NAHB Housing Market Index
TUE 14:00 USD USD JOLTS Job Openings
TUE 15:30 USD USD U.S. to Sell 4-Week Bills
TUE 15:30 USD USD U.S. to Sell 8-Week Bills
TUE 20:00 USD USD Total Net TIC Flows
TUE 20:00 USD USD Net Long-term TIC Flows
TUE 20:15 USD USD San Francisco Fed's Daly Speaks at Wellesley College

Foreign Exchange Rates

GBP / USD 1.3215
GBP / EUR 1.14262
EUR / USD 1.15718
GBP / AUD 1.85370
GBP / CAD 1.71303
GBP / CHF 1.30526
GBP / CZK 29.4359
GBP / DKK 8.51338
GBP / HKD 10.35536
GBP / INR 97.1286
GBP / JPY 147.982
GBP / MUR 44.91
GBP / NOK 10.75389
GBP / NZD 2.00513
GBP / PLN 4.89689
GBP / SEK 11.77704
GBP / SGD 1.81792
GBP / THB 43.0892
GBP / TRY 7.64722
GBP / ZAR 18.88238

*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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