Foreign Exchange Rates : Currency Predictions - GBP, USD, EUR, AUD, NZD, CAD

9 May 2011 at 4 PM - Written by John Cameron

STORY LINK Foreign Exchange Rates : Currency Predictions - GBP, USD, EUR, AUD, NZD, CAD

POUND STERLING

Today saw the release of further disappointing data in the UK, with the Halifax House Price survey showing an alarming monthly drop in British house prices. A disappointing figure for tomorrow’s RICS house Price figure would add to concerns that the UK property market is dipping. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6344

Today saw was a rare day of no US data releases, so the markets were left to price in the effects of last Friday’s key Non-Farm Payrolls figure, which far exceeded analysts’ expectations. The accompanying unemployment figure showed an unexpected rise in joblessness in the US and the mixed messages have caused considerable volatility for the Greenback today. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1428

Leading ratings agency S&P downgraded Greece’s debt rating from B to BB- today, causing further downside for the single currency. The day had started hopefully, with German trade figures outstripping expectations; however the Teutonic giant may need all of its strength to continue to prop up the Eurozone’s ailing ‘periphery states’. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5195

The Australian Dollar made some moderate gains against the other majors on the day, with the GBP AUD rate dropping by 0.61%. Commodities made a move forward, with Brent Crude gaining by over 3% on the day and although equities endured a mixed day across the globe, the Aussie remained attractive to investors seeking a yield on their investment. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


NEW ZEALAND DOLLAR – The Pound New Zealand Dollar exchange rate (GBP/NZD) is 2.0637

like its Australian sister currency, the New Zealand Dollar has made gains on the day as a delayed reaction to Friday’s better-than-anticipated Non-Farm Payrolls figure in the US, which boosted global risk sentiment. In the absence of any tier one data in NZ in the next 24 hours, this forward trend is likely to continue for the Kiwi. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


CANADIAN DOLLAR – The Pound Canadian Dollar exchange rate (GBP/CAD) is 1.5796

The Canadian Dollar held its ground on the day. Any gains that came from a blip forward in the price of crude oil were pared by a weaker-than-expected Housing Starts figure, which was released this afternoon. In a very light week for Canadian data, the CAD will be more dependent than ever on data emanating from its key trading partner, the US.NEAR-TERM OUTLOOK – NEUTRAL .

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