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

13 Jul 2011 at 1 PM - Written by John Cameron

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

POUND STERLING

Mixed labour UK market data released today held back the Pound in early trading. The job numbers showed that UK unemployment dropped by 26,000 in the three months to May, meaning that a total of 2.45m people remain unemployed in Britain. However, on a less positive note, last month saw the number claiming Job Seeker’s Allowance rise by its largest amount in two years. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.5952

The Dollar has lost ground against both the Pound and the Euro on the day due to an increase in global appetite for risk. The pick up in investor confidence has been fuelled by better-than-anticipated Chinese GDP growth, Industrial Production and Retail Sales data released last night. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1356

Leading ratings agency Moody’s moved to downgrade Ireland’s debt to Ba1 last night, meaning that they now consider Ireland’s debt to have ‘junk’ status. Greece, Portugal and Ireland have now seen their debts downgraded several times this year. Rumours that the ECB will be purchasing Italian bonds at auction tomorrow have heaped further pressure on the Euro. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.4948

It’s been a mixed 24 hours for the Australian Dollar, with positive data releases from its major trading partner, China, providing some support during yesterday’s Asian session, whilst a very poor WestPac Consumer Confidence survey, released overnight, limiting any Aussie gains. The AUD remains susceptible to bad news regarding the US and Eurozone debt situations. NEAR-TERM OUTLOOK – NEUTRAL.


JAPANESE YEN – The Pound Japanese Yen exchange rate (GBP/JPY) is 126.53

The Yen has continued to strengthen over the last 24 hours as institutional investors seek shift into Asia’s reserve currency of choice thanks to heightened fears over the Eurozone and US debt crises. This week’s Japanese data has been of a slightly firmer tone, suggesting that Japan’s economy may be showing signs of recovering following March’s devastating tsunami, however downside is possible for the Yen if last night’s positive Chinese data leads to an increase in Asian risk appetite. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


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

TAGS: American Dollar Forecasts Australian Dollar Forecasts Currency Predictions Euro Forecasts Japanese Yen Forecasts Pound Australian Dollar Forecasts Pound Dollar Forecasts Pound Euro Forecasts Pound Sterling Forecasts Pound Yen Forecasts