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

Published: Thursday, 26 January 2012 18:00 BST - Written by John Cameron

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

POUND STERLING

Today’s session saw the Pound perform tamely against the other majors, with the notable exception being the US Dollar. This morning’s CBI Reported Sales data for January came out significantly worse than anticipated, adding to downside pressure for Sterling. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5714

The Greenback has endured a torrid day in the currency markets, as appetite for risk made a comeback. Improved investor sentiment was helped by yesterday’s confirmation from the Federal Reserve that it is set to maintain an accommodative monetary policy stance until late 2014 and by the release of healthy US Durable Goods Orders earlier this afternoon. NEAR-TERM OUTLOOK – NEGATIVE.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.1948

The euro has held steady on the day ahead of tomorrow’s resumption of talks between Greek policy-makers and the debt-addled country’s creditors. The Institute of International Finance is representing the creditors and up to this point, it has shown little appetite for conciliation. If the situation rumbles on into next week without a workable resolution being reached, then support for the euro could ebb. NEAR-TERM OUTLOOK – NEUTRAL.


NORWEGIAN KRONE – The Pound Norwegian Krone exchange rate (GBP NOK) is 9.1327


The Norwegian Krone has pushed forward against most of the other sixteen most-actively traded currencies on the day, largely thanks to an increase in global appetite for risk. Investors holding NOK-denominated assets will be looking for a swift resolution to Greece’s debt talks to provide a boost to the eurozone, which remains Norway’s major export market. NEAR-TERM OUTLOOK – NEUTRAL.


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