Foreign Exchange Daily Market Update 04/03/19

Mon, March 04, 2019

Confidence in sterling grows as banks take no-deal risk off the table.

Sterling confidence has grown, as fears of crushing out of the EU turns toward expectations for a deal or delay. with Theresa May having seen off a lawmaker unrest by promising a series of Parliament votes just weeks before the exit date.

Sterling has rallied more than 4% this year, as the risk of a no-deal Brexit loomed. With the risk of a no-deal Brexit now most likely off the table by end-March, as well as the increased effectiveness of pro-deal MPs

The main thing to this is May’s decision to allow lawmakers a say on what happens next if there is no agreement on her deal in a March 12 vote. There will be two further votes in Parliament in subsequent days, on no deal and on delaying Brexit.

Sterling fell 0.3% to $1.323 this morning against the dollar.  The remained the same at 1.167 against the Euro.

Data to look out today.   

Not much data due out today.

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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

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