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

November 10, 2011 - Written by John Cameron

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

POUND STERLING

The Bank of England’s Monetary Policy Committee elected to maintain the UK’s asset purchase scheme at £275bn today, causing relief amongst investors holding Sterling-denominated assets, who had feared a further increase in the scheme. Tomorrow’s Producer Price Index data will be closely-watched. NEAR -TERM OUTLOOK – NEUTRAL TO POSITIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.5913

The Greenback has taken a step back since this morning’s European open, thanks to a respectable performance from UK, German and French share indices. US Trade balance figures showed that the US’s trade deficit narrowed by some 4% in September, confounding analysts. This is likely to cause further weakness for the Greenback. NEAR-TERM OUTLOOK – NEUTRAL.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1720

Some slightly better news for the Eurozone during today’s session – Greece has named former European Central Bank vice-president Lucas Papademos as its new Prime Minister, while there was a respectable uptake for Italian bonds at today’s auction. On the debit side, the ECB’s monthly report slashed the bank’s Eurozone growth predictions for next year. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5693

The Australian Dollar has seen some support since the European open, causing the GBP AUD to move down off the 1.58s which it hit overnight. The Aussie badly needs Italy’s government to show resolve in tackling the country’s massive debts in order to trigger a pick-up in global appetite for risk. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


NORWEGIAN KRONE – The Pound Norwegian Krone exchange rate (GBP/NOK) is 9.0773

The NOK has gained support on the day thanks to improved sentiment regarding the currency of Norway’s major trading partner, the Euro. Improved stock market performance has also helped the Krone, due to Norway’s status as a major oil exporter. NEAR-TERM OUTLOOK – NEUTRAL.


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