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

Modified: Thursday, 1 December 2011 16:48 BST - Written by John Cameron

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

POUND STERLING

The Pound has been well-bid during this afternoon’s session, following the Chancellor of the Exchequer’s autumn statement, which featured announcements of a cap on public sector pay rises and downgrades to UK growth forecasts. The markets have responded well to Osbornes’ continued focus on ‘sound money’. NEAR -TERM OUTLOOK – NEUTRAL TO POSITIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5627

The Greenback has suffered limited selling pressure against both the Pound and the Euro during today’s trading. Global appetite for risk has crept back into equities markets, causing institutional investors to shift out of safe-haven assets including the Dollar. This afternoon’s much higher-than-anticipated US Consumer Confidence figure should see this trend continue. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.1718

The Euro has performed meekly so far during today’s session. Investors continue to fret over the outcome of the meeting of Eurozone Finance Ministers which is set to convene in Brussels later today. A failure by the collected policy-makers to come up with a plan to boost the Eurozone’s emergency bail-out fund could see the market turn against Europe’s single currency. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


INDIAN RUPEE – The Pound Indian Rupee exchange rate (GBP INR) is 81.2328


The GBP INR rate continues to hold above the 80.000 level and remains within touching distance of the 3 year high which it reached earlier in the month. Today saw a slightly better day for the troubled Rupee, as local shares made gains. However, India’s currency continues to be highly risk-sensitive, leaving it susceptible to sudden losses if there is more bad news from the Eurozone. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


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