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

17 Jun 2011 at 1 PM - Written by John Cameron

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

POUND STERLING

With no data of note released today in the UK, yesterday’s poor UK Retail Sales figure for May continued to weigh heavily on investor’s minds. This has caused the Pound to lose ground against nearly all of the 16 most-actively traded currencies. The exception being the reserve currencies. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6169

The US Dollar has come under sustained selling pressure during today’s session as market participants’ fears of an imminent Greek debt meltdown subside. This afternoon’s Michigan Confidence survey could see the market further move against the Greenback if it prints below the expected 74.0 level. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1328

Yesterday’s panic regarding Greece’s debt situation has subsided, following Greek Prime Minister George Papandreou’s decision to continue in his role. A joint statement by French President Nicolas Sarkozy and German Chancellor Angela Merkel calling for a second Greek rescue package to be arranged has elicited further support for the Euro. NEAR-TERM OUTLOOK – NEUTRAL.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5225

The Australian Dollar has made gains on the day as investors regained their appetite for risk. Stock markets have stabilised following yesterday’s heavy losses, but Aussie gains may be short-lived if Tuesday morning’s RBA minutes express further fears about the strength of Australia’s real economy. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


SWISS FRANC – The Pound Swiss Franc exchange rate (GBP/CHF) is 1.3708

The Franc has given up ground on the day, following its recent surge forward against the other majors. Europe’s reserve currency of choice has suffered due to decreased fears of an imminent Greek default and possible further downside is possible for the Swissie for technical reasons as it re-traces from the record high it reached earlier in the week against the Euro. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


CANADIAN DOLLAR – The Pound Canadian Dollar exchange rate (GBP/CAD) is 1.5825

The Canadian Dollar has traded steadily on the day despite a downward move in global oil prices. Yesterday’s monthly Building Permits figure in the US, which came out much higher than analysts were expecting, has helped the CAD to weather the dip in oil prices. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


For other live currency exchange rates and a currency converter see the currency news website.

TAGS: American Dollar Forecasts Australian Dollar Forecasts Canadian Dollar Forecasts Currency Predictions Euro Forecasts Pound Australian Dollar Forecasts Pound Canadian Dollar Forecasts Pound Dollar Forecasts Pound Euro Forecasts Pound Sterling Forecasts Pound Swiss Franc Forecasts Swiss Franc Forecasts