Foreign Exchange Rates Forecast : Currency Predictions - GBP, USD, EUR, CAD

Modified: Monday, 13 February 2012 17:47 BST - Written by John Cameron

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

POUND STERLING

A very quiet day for UK data and risk events saw the Pound hold steady against all of the major currencies bar the high-yielders during today’s session. The latest RICS House Price Balance numbers, released in the early hours of tomorrow morning, are unlikely to provide much in the way of positive momentum for Sterling. NEAR-TERM OUTLOOK – NEUTRAL.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5788

The Dollar eased in the markets during today’s session following the vote in favour of the proposed austerity package in Greece’s parliament last night. This saw a rebound in global appetite for risk, taking stocks and the GBP USD exchange rate higher. Tomorrow afternoon’s US Retail Sales figures for January will be closely-watched. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.1943

The euro has struggled to break into positive territory during today’s session, in spite of last night’s vote in favour of the proposed austerity package in Greece’s parliament. Tomorrow morning’s German ZEW Survey for February provides the next risk event of note for Europe’s single currency. The euro badly needs Germany’s economic miracle to continue in order to provide continuing stability for the region. NEAR-TERM OUTLOOK – NEUTRAL.


CANADIAN DOLLAR – The Pound Canadian Dollar exchange rate (GBP CAD) is 1.5784


The Canadian Dollar has traded sideways against the majority of the other sixteen most-actively traded currencies during today’s session. Investors are sitting on their hands ahead of Friday’s Canadian CPI Inflation data for January. If the key figure prints at anything other than the expected 2.3% level, then movement is expected for the CAD. NEAR-TERM OUTLOOK – NEUTRAL.


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