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

2 Aug 2011 at 1 PM - Written by John Cameron

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

POUND STERLING

A better set of PMI data, this time in the construction sector, have helped prop up the Pound today. Yesterday’s PMI manufacturing numbers seriously disappointed and if tomorrow’s PMI figures for the UK’s key services sector also come in below expectations, then Sterling will come under selling pressure. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6265

The Dollar has continued to claw back the ground it lost during the protracted debt stand-off between Republican and Democrat law-makers during today’s session. The saga will finally be put to bed later today when the Senate rubber stamps the increase to the US’s debt ceiling, narrowly averting a default by the world’s largest economy. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1458

This morning’s whole-of-Eurozone Producer Price Index data showed that input costs are dropping for European producers, easing the pressure on the ECB to raise rates later this week. On a more positive note, a report by the OECD released earlier today was highly supportive of the austerity package that is being implemented by the Greek government. NEAR-TERM OUTLOOK – NEUTRAL.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.4989

The Aussie has some under severe selling pressure on the day, following its positive start to this week’s trading session. This downside has been caused by weak Australian Building Approvals data released overnight and by the Reserve Bank of Australia’s decision to maintain interest rates at the current 4.75% level. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


NORWEGIAN KRONE – The Pound Norwegian Krone exchange rate (GBP/NOK) is 8.7735

The Krone continues to recover following the panic selling of the 22nd July, following the Oslo bombing and subsequent massacre on the island of Utoya. With the price of a barrel of crude oil holding at close to a three year high, further potential remains for further upside for the Krone. 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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