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

Published: Wednesday, 23 November 2011 16:55 BST - Written by John Cameron

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

POUND STERLING

The release of the minutes of the latest Bank of England Monetary Policy Committee meeting, earlier today, revealed that all nine members of the committee voted against increasing the existing £275bn allocated to the Bank’s asset purchase scheme. This saw the Pound perform steadily on the day. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5518

The storm clouds continue to gather for the global economy, with communications giant Nokia Siemens announced that it will be cutting 17,000 jobs earlier today. The gloomy tone of the Bank of England’s minutes added to the sense of pessimism, taking global stocks lower again, benefitting the Greenback. NEAR-TERM OUTLOOK – POSITIVE .


EURO – The Pound Euro exchange rate (GBP EUR) is 1.1626

European Commission President Jose Manuel Barroso announced plans for a study on the feasibility of Eurobonds earlier today. The market’s initial response was Euro-positive. The single currency had come under selling pressure earlier in the day, when there was a weak uptake for German 10-year bonds. The Bank of England MPC’s comments of this morning, which warned that the Eurozone debt crisis was set to get worse, further damaged the Euro. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


CANADIAN DOLLAR– The Pound Canadian Dollar exchange rate (GBP CAD) is 1.6273


The Canadian Dollar has suffered yet another lacklustre day in the currency markets so far today. Ongoing concerns over a slowdown in global economic activity continue to weigh heavily on the Canadian currency. This afternoon’s weaker than anticipated Michigan Confidence Survey in the States heaped further pressure on the CAD. NEAR-TERM OUTLOOK – NEGATIVE.


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