Forex Forecast : Rate Predictions For GBP, USD, EUR, CAD

Published: Thursday, 24 November 2011 16:31 BST - Written by John Cameron

STORY LINK Forex Forecast : Rate Predictions For GBP, USD, EUR, CAD

POUND STERLING

This morning’s UK GDP figures came out exactly as analysts had expected. However, the Pound has lost ground against most of the other majors on the session as institutional investors looked elsewhere for a return on their holdings. With next week’s light schedule of UK data releases, the downward drift could continue for Sterling. NEAR -TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5487

Thanksgiving means there was a Public Holiday in the States today, so there was no US data released and US equities markets were shut. This didn’t stop the Greenback moving marginally forward against the Pound and the Euro. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.1620

Another good news/bad news day for Europe’s single currency saw the release of data suggesting that German business confidence had risen, while Portuguese debt was downgraded to ‘junk’ status by leading ratings agency Fitch. Meanwhile, structural fears over the Eurozone's debts fail to go away. NEAR-TERM OUTLOOK – NEUTRAL.


CANADIAN DOLLAR– The Pound Canadian Dollar exchange rate (GBP CAD) is 1.6234


The Canadian Dollar has showed signs that it is garnering some support in the market today, following its recent bad run. This saw the GBP CAD rate dip by a quarter of a percentage point in the early part of the North American session. Next week’s Canadian GDP numbers could change all of this, though. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


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