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

Published: Monday, 6 February 2012 18:00 BST - Written by John Cameron

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

POUND STERLING

Today was a light day for UK data releases – the latest Halifax house price data was hard to get excited about, however it did slightly beat expectations. All bets appear to be off for Sterling ahead of Thursday’s heavy data schedule, which includes the latest Bank of England Monetary Policy Committee announcement.. NEAR-TERM OUTLOOK – NEUTRAL.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5816

The Dollar has seen some support on the day as investors scaled back on risk following jitters over the continued failure of Greece’s coalition to agree on the implementation of austerity measures. A further delay could see more concerted support for the Greenback. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.2066

The euro has struggled during today’s session, thanks to the Greek coalition government’s continued failure to pass the austerity measures demanded by the EU in order to qualify for its next tranche of bail-out funding. A Greek default looks increasingly difficult to avoid, however the ECB wants to dress it up. Europe’s single currency remains ‘at risk’. NEAR-TERM OUTLOOK – NEGATIVE.


HONG KONG DOLLAR – The Pound Hong Kong Dollar exchange rate (GBP HKD) is 12.2646


The HKD remains strongly tied to global appetite for risk, so last week’s session ended with Hong Kong’s currency strongly in the ascendant, as investor sentiment picked up following strong US labour market data. However, caution is advisable for investors holding Hong Kong Dollar denominated assets – if Greece’s debt stand-off rumbles on, then global risk appetite could evaporate, hurting the HKD. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


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