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Foreign Exchange Daily Market Update 20/11/18

Tue, November 20, 2018

Sterling looks set to fall further.

Sterling could weaken further as markets brace for the possibility of a no-confidence vote in Theresa May’s leadership.

As sterling was trying to recover yesterday. The Sun reported that 42 lawmakers have sent letters of no confidence against May, with six more needed to trigger a leadership challenge.

Sterling slipped more than 1% last week after several of the PM’s ministers quit in disagreement over her Brexit divorce deal with the EU. The political unrest has opened a multitude of risks for sterling, including the prospect of new elections or even a second referendum.

Should Theresa May manage to stay on, she will still have a challenge getting her Brexit deal through parliament which leaves the U.K. tied to the EU’s customs union.

Theresa May spent Monday appealing to business leaders, addressing the Confederation of British Industry to convince them to back an agreement few in her own party think is ideal.

Now no news is good news for the pound, yet it would quickly come back under downward pressure if a leadership challenge is called in the coming days.

Sterling gained 0.2% to $1.2838 this morning. Against the euro, its advanced 0.3% to 1.1246 after having slumped close to 2% last week.

 

Data to look out today.   

Not much data due 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
TUE 07:00 EUR EUR German Producer Price Index (MoM) (OCT)
TUE 07:00 EUR EUR German Producer Price Index (YoY) (OCT)
TUE 10:00 GBP GBP BOE's Carney Haldane Cunliffe and Saunders Testify in London
TUE 11:00 GBR GBP CBI Trends Total Orders (NOV)
TUE 11:00 GBP GBP CBI Trends Selling Prices (NOV)
TUE 13:30 USD USD Housing Starts (OCT)
TUE 13:30 USD USD Housing Starts (MoM) (OCT)
TUE 13:30 USD USD Building Permits (OCT)l
TUE 13:30 USD USD Building Permits (MoM) (OCT)
TUE 16:30 USD USD U.S. to Sell 8-Week Bills
TUE 16:30 USD USD U.S. to Sell 4-Week Bills

Foreign Exchange Rates

GBP / USD 1.28328
GBP / EUR 1.12560
EUR / USD 1.13950
GBP / AUD 1.76719
GBP / CAD 1.69698
GBP / CHF 1.27563
GBP / CZK 29.292
GBP / DKK 8.39746
GBP / HKD 10.04133
GBP / INR 91.5906
GBP / JPY 144.359
GBP / MUR 43.82
GBP / NOK 10.93909
GBP / NZD 1.87982
GBP / PLN 4.85589
GBP / SEK 11.60666
GBP / SGD 1.76292
GBP / THB 42.3292
GBP / TRY 6.91842
GBP / ZAR 18.06838

*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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