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

22 Aug 2011 at 2 PM - Written by John Cameron

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

POUND STERLING

This week sees a very light schedule of UK data releases, making Friday’s UK Q2 GDP figure all the more important. Sterling has lost a little ground against the high-yielders, but otherwise remains steady on the day. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6502

Market rumours over the weekend suggesting that Fed Chairman Ben Bernanke may be considering an imminent ramping up of the US’s quantitative easing programme have held back the Dollar on the day. Further downside is possible for the Greenback ahead of Bernanke’s set piece speech at Friday’s Economic Summit at Jackson Hole. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1438

The Euro continues to confound many analysts BY holding its own in the markets. Tomorrow morning’s German ZEW survey of economic sentiment is the next scheduled risk event, however Europe’s single currency remains susceptible to selling pressure at any GIVEN time if global bond markets show signs of strain over Eurozone sovereign debt concerns. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5777

European stocks have moved forward during today’s session, taking the Aussie with them. The GBP AUD rate looks to have strongly rejected the 1.60+ rates that it rose to a fortnight ago and has settled back in the 1.50s, however a sharp downward movement in global appetite for risk could take us back there. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


NORWEGIAN KRONE – The Pound Norwegian Krone exchange rate (GBP/NOK) is 8.9552

The Krone has performed strongly on the day despite the sharp drop in oil prices which has occurred over the past week. This downward move for oil has been precipitated by events in Tripoli as Libyan rebels come close to securing control of the country’s capital. However, any potential losses for the Krone have been more than cancelled out by a forward move for European equities which suggests a healthy demand for crude over coming months. 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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