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

7 Nov 2011 at 3 PM - Written by John Cameron

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

POUND STERLING

This morning’s Halifax House Price survey was only risk event of note in the UK today. The survey helped the Pound, coming out slightly better than had been anticipated. Thursday’s Bank of England Monetary Policy announcement provides the highlight of a quiet week for the Pound. However, the Bank’s MPC is unlikely to alter Britain’s Monetary Policy this month. NEAR-TERM OUTLOOK – NEUTRAL.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6052

The Dollar started the day on the front foot, following last Friday’s mildly disappointing US employment data and ongoing fears regarding Greece’s acceptance of the EU/ECB/IMF bail-out. However, support for the Greenback has eased this afternoon as Greece’s political turmoil appears to be subsiding, for the time-being, at least. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1635

The torrent of bad news continues for Europe’s single currency as Italian government bond spreads soared to their highest level since the instigation of the Euro today, causing Italian Premier Berlusconi to call a vote of confidence. This morning’s Eurozone Retail Sales figures for September showed an alarming contraction, raising fears about the real economy in Europe. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5475

The Australian Dollar has staged a comeback during this afternoon’s European session, reflecting renewed optimism amongst market participants that Greece may have found the political stability to avoid an all-out debt default, for the next few months, at least. However, tonight’s Australian Trade Balance figures for September could change all that. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


INDIAN RUPEE – The Pound Indian Rupee exchange rate (GBP/INR) is 78.5020

Support for the Rupee collapsed in the last week of October, sending the GBP INR rate above 80.00 for the first time in many years. The move was driven by a move out of Indian stocks by Asian investors. The Rupee has partially recovered from its lows during the intervening period as exporters repatriated funds, however India’s currency remains under pressure. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


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

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