Foreign Exchange Daily Market Update 22/10/18

Mon, October 22, 2018

UK.politics looks to be the focus again for sterling this week.

Domestic politics looks to be the focus for markets as the U.K. fights over how to break the deadlock in Brexit talks.

The EU are proposing an extension to the transition period following the UK’s exit in March from the bloc, Theresa May faces opposition to that prospect from her own party.  Sterling could be vulnerable to headlines.

Theresa May has managed to unify the Conservative Party, however it’s in opposition to her plans. 

As there is not much data out this week, politics will be the main driver again.

Pro-Brexit lawmakers have rallied against any extension of the transition, as they don’t want the U.K. to stay tied to the bloc’s rules. The Pm has had to face a leadership challenge before, as she lacks the parliamentary majority. However, pro-Brexit rebels recognize that they don’t have enough numbers to oust her.

Until we get something more concrete on Brexit or May’s leadership, sterling might just treading water, although the pound did weakened around 1% against the dollar last week, this was partially due to dollar strength, and it was little changed against the euro for the second week in a row.

The Pound fell 0.3% to $1.3005 this morning against the dollar. Sterling fell to 1.1315 against the Euro.


Data to look out today.   

Not much data due out today.





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Data Releases

Day Time Currency Event
MON 09:00 EUR EUR Euro-Zone Government Debt-Gross Domestic Product Ratio
MON 12:30 USD USD Chicago Fed Nat Activity Index
MON 15:30 USD USD U.S. to Sell 3-Month Bills
MON 15:30 USD USD U.S. to Sell 6-Month Bills

Foreign Exchange Rates

GBP / USD 1.30171
GBP / EUR 1.13193
EUR / USD 1.14953
GBP / AUD 1.83470
GBP / CAD 1.70533
GBP / CHF 1.29563
GBP / CZK 29.2459
GBP / DKK 8.429838
GBP / HKD 10.21336
GBP / INR 95.5986
GBP / JPY 146.952
GBP / MUR 44.24
GBP / NOK 10.71789
GBP / NZD 1.984802
GBP / PLN 4.85689
GBP / SEK 11.66704
GBP / SGD 1.79692
GBP / THB 42.7092
GBP / TRY 7.55442
GBP / ZAR 18.61238

*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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