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

Modified: Friday, 16 September 2011 16:54 BST - Written by John Cameron

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

POUND STERLING

No UK data releases of note today meant little movement for the Pound. The next risk event of note for Sterling comes in the early hours of Monday morning with the release of the latest edition of the Rightmove house price survey. Given recent UK housing sector, the survey is unlikely to be Sterling-positive. NEAR -TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.5792

This afternoon’s Michigan Confidence survey outstripped analysts’ expectations, showing that it’s not all doom and gloom in the American business sector. The currency market’s immediate reaction to the survey saw the Dollar weaken, suggesting improved appetite for risk, but the GBP USD rate has since dipped as fears over Eurozone debts refuse to dissipate. NEAR-TERM OUTLOOK – NEUTRAL.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1461

Today’s Eurozone finance ministers’ meeting in Poland has so far failed to yield any tangible results. If the meeting passes without any announcement of a concrete plan to deal with the Eurozone’s debt crisis, then the market could once again turn against the Euro as it did at the start of this week’s session. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5227


The Australian Dollar has once again picked up support in the currency markets today as investors’ appetite for risk continued to burgeon following yesterday’s announcement that the US Federal Reserve was set to make funds available to four other leading global central banks via liquidity swaps in order to assist commercial banks facing balance sheet difficulties. If Asian stocks trade up during Monday’s session, the GBP AUD rate could threaten the 1.5000 level once again. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


CANADIAN DOLLAR– The Pound Canadian Dollar exchange rate (GBP/CAD) is 1.5525

The Canadian Dollar received a boost this afternoon with the release of some positive data in the US, which is Canada’s primary export market. The Michigan Confidence survey is particularly closely-watched in Canada as it measures ‘business sentiment’, a factor which plays a significant part in determining US companies’ future purchases of Crude Oil. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


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