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

3 Jul 2011 at 9 PM - Written by John Cameron

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

POUND STERLING

With this morning’s PMI data showing that expansion in the UK’s Manufacturing Sector dropped to its lowest rate in 21 months in June, the Pound has come under further selling pressure on the day. The one saving grace is that Asian and Eurozone data releases today have been equally weak, making the British numbers relatively less poor. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6032

The Greenback has garnered some support in the markets since today’s session began in Asia. This has been caused by a dip in appetite for risk precipitated by weak manufacturing sector data releases in China, Switzerland and the UK, which has caused some safe-haven support for the Dollar. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1057

Worse-than-anticipated Italian and German PMI Manufacturing sector figures released this morning have halted the Euro’s forward momentum of recent sessions which followed the euphoria of Greece’s ‘yes’ vote to the austerity measures over the last two days. With GBP EUR sitting just above a 15-month low, a technical retracement is possible. NEAR-TERM OUTLOOK – NEUTRAL .


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.4965

The Aussie has weakened during today’s session, after posting a 26-year high against the Pound yesterday. This move is partly a technical move, with speculators taking profit, but is also a reflection of patchy global risk appetite following weak manufacturing data releases during today’s session. NEAR-TERM OUTLOOK – NEUTRAL.


HONG KONG DOLLAR – The Pound Hong Kong Dollar exchange rate (GBP/HKD) is 12.4752

Hong Kong’s fortunes are inextricably linked with those of neighbouring super-power China and with the world’s second largest economy continuing to perform relatively strongly, the HKD is expected to carry on trading close to the bottom of its pegged trading range against the Dollar. If global data releases continue to disappoint, the Dollar could strengthen further, dragging the HKD with it. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


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

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