Foreign Exchange Daily Market Update 01/11/18

Thu, November 01, 2018

The pound rose as reports that the Banks are to get EU access after Brexit.

Sterling strengthened after the Times reported Brexit negotiators have provisionally agreed to give U.K. financial services firms continued access to the EU markets after Britain leaves.

The pound rose by as much as 1.1% as the prospect of a full Brexit agreement was seen reducing economic uncertainty. That is bringing forward expectations for an interest-rate hike next year, just before the BOE announces its latest policy decision and inflation outlook later today.

Sterling had strengthened sharply over night driven by increased optimism that the EU and U.K. are closer to a Brexit deal than generally feared. The positive Brexit headlines have provided a more supportive backdrop for the pound heading into today’s BOE policy meeting. U.K. Brexit Secretary expects a deal to be finalized by Nov. 21.

Analysis have bought forward when they expect the next rate hike to be in November 2019, from February 2020 on Tuesday. That is still later than markets were expecting just a month ago amid increased fears of a no-deal Brexit.

Sterling rose 1.1% to $1.2905 this morning against the dollar, the pound rose to 1.1328 against the Euro.


Data to look out today.   

12:30 GBP Carney speaks at press conference.

14:00 USD Manufacturing





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

Data Releases

Day Time Currency Event
THUR 07:00 GBP GBP Nationwide House PX (MoM) (OCT)
THUR 07:00 GBP GBP Nationwide House Px n.s.a. (YoY) (OCT)
THUR 09:30 GBP GBP Markit UK PMI Manufacturing s.a. (OCT)
THUR 11:30 USD USD Challenger Job Cuts (YoY) (OCT)
THUR 12:00 GBP GBP Bank of England Bank Rate (NOV 1)
THUR 12:00 GBP GBP BOE Asset Purchase Target (NOV)
THUR 12:00 GBP GBP BOE Corporate Bond Target (NOV)
THUR 12:00 GBP GBP Bank of England Inflation Report
THUR 12:30 GBP GBP BOE's Carney speaks at press conference in London
THUR 12:30 USD USD Nonfarm Productivity (3Q P)
THUR 12:30 USD USD Unit Labor Costs (3Q P)
THUR 12:30 USD USD Initial Jobless Claims (OCT 27)
THUR 12:30 USD USD Continuing Claims (OCT 2)
THUR 13:45 USD USD Markit US Manufacturing PMI (OCT F)
THUR 14:00 USD USD Construction Spending (MoM) (SEP)
THUR 14:00 USD USD ISM Manufacturing (OCT)
THUR 14:00 USD USD ISM Employment (OCT)
THUR 14:00 USD USD ISM Prices Paid (OCT)
THUR 14:30 USD USD EIA Working Natural Gas Implied Flow (OCT 26)
THUR 14:30 USD USD EIA Natural Gas Storage Change (OCT 26)

Foreign Exchange Rates

GBP / USD 1.29361
GBP / EUR 1.13398
EUR / USD 1.14007
GBP / AUD 1.79657
GBP / CAD 1.69183
GBP / CHF 1.29663
GBP / CZK 29.2862
GBP / DKK 8.45391
GBP / HKD 10.1346
GBP / INR 94.5886
GBP / JPY 145.732
GBP / MUR 43.54
GBP / NOK 10.79689
GBP / NZD 1.94602
GBP / PLN 4.90489
GBP / SEK 11.68404
GBP / SGD 1.78092
GBP / THB 42.5592
GBP / TRY 7.137342
GBP / ZAR 18.71838

*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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