Corporate FX Daily Update 29.03.2017
MORNING RATES | ||||
---|---|---|---|---|
EUR/GBP |
0.8664 | |||
EUR/USD | 1.0794 | |||
GBP/EUR | 1.1488 | |||
GBP/USD | 1.2401 |
Latest currency movements saw Sterling on the rise, breaking the 1.16 barrier against the Euro, as the UK market opened yesterday. These gains were short lived as midday data from the US returned support for the Dollar following President Trump’s healthcare address over the weekend. Tension continued to surrounding the pound yesterday afternoon as Scotland voted on calling for a second independence referendum. The pound fell back below 1.15 against the Euro and below 1.25 against the Dollar by close of business.
Overnight Prime Minister Theresa May signed the Article50 Letter causing sterling to fall to a new week low against both the Dollar & Euro.
The net result saw Sterling fall against the Dollar to around 1.2373 and against the Euro at around 1.1427.
Today’s economic calendar retains a strong focus on the triggering of Article 50. The main focus will surround the PMQs at lunchtime & a subsequent speech from Prime Minister May. These hope to set the tone for the negotiations process going forward. Market analysts believe that Sterling may suffer some volatility throughout the day.
US speakers consist of the following:
- Fed's Evans (14:20GMT)
- Fed's Rosengren (16:30GMT)
- Fed's Williams (18:15GMT)
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