Currency Exchange Rates : Forex Rate Predictions - GBP, USD, EUR, JPY

Modified: Wednesday, 8 February 2012 17:46 BST - Written by John Cameron

STORY LINK Currency Exchange Rates : Forex Rate Predictions - GBP, USD, EUR, JPY

POUND STERLING

Investors needing to buy or sell the Pound sat on their hands during today’s session ahead of tomorrow’s packed schedule of data releases. Positive UK Trade Balance numbers for December and a freezing of the UK’s QE programme by the Bank of England’s MPC could see Sterling gaining ground once again. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5818

The US Dollar has stemmed its recent losses to trade steadily through today’s session. The continued absence of an agreement by Greece’s coalition government on the proposed bail-out measures, has caused uncertainty, which in turn has led to some support for the safe-haven Greenback. NEAR-TERM OUTLOOK – NEUTRAL.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.1933

Figures from Europe’s powerhouse economy, Germany, released earlier today, showed that the value of goods exported by the country had reached a record level of €158bn last year, providing good news for investors holding euros. Greece’s coalition government’s ongoing failure to sign off a new austerity deal for the troubled state continues to hold the euro back. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


JAPANESE YEN – The Pound Japanese Yen exchange rate (GBP JPY) is 121.64


Support for the JPY has ebbed over the past seven days, as appetite for risk flowed back into global markets. This took the Sterling Yen (GBP JPY) exchange rate back above 120.0000, however, a renewed visit below this key level looks possible if Greece’s policy-makers do not stop dithering on a debt deal. NEAR-TERM OUTLOOK – NEUTRAL.


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