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

Published: Wednesday, 4 January 2012 16:43 BST - Written by John Cameron

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

POUND STERLING

Sterling has traded with a slight positive bias against the other majors during today’s session. This morning’s UK PMI Construction data for December considerably bettered analyst’s expectations, helping the Pound. Tomorrow’s PMI Services sector survey has been market-moving in recent months, so should be closely-watched. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5639

The Dollar has been well-bid in the currency markets today following yesterday’s wobble. The move came as stock markets gave up some of yesterday’s gains, leading to safe-haven support for the Greenback. Friday’s Non-Farm Payroll numbers for December are the next major risk event which could affect Dollar levels. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.2095

The Euro has once again been out of favour during today’s session, with only the Franc and the Rand putting up a weaker showing on the day. This saw the GBP EUR exchange rate surge to its highest level in 16 months. For technical reasons, this leaves the pair susceptible to downside as speculators take profit, particularly in light of today’s successful Portuguese and German bond auctions. NEAR-TERM OUTLOOK – NEUTRAL.


INDIAN RUPEE – The Pound Indian Rupee exchange rate (GBP INR) is 82.80


The Rupee has been well-supported on the day, following a strong performance for Indian equities. Inward investment in India’s infrastructure could help the GBP INR exchange rate further reject its multi-year high of 83.80, which it reached last month, howevercaution is advisable as always for investors holding Rupees as the INR’s performance over the last 6 months has been dismal. NEAR-TERM OUTLOOK – NEUTRAL.


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