Sterling, Euro, US Dollar and Turkish Lira Currency Rate Predictions For Today

Published: Tuesday, 21 February 2012 18:00 BST - Written by John Cameron

STORY LINK Sterling, Euro, US Dollar and Turkish Lira Currency Rate Predictions For Today

This morning’s UK Public Sector Borrowing figures showed that the British government managed to payback almost £8bn of the UK’s national debt last month – news that is likely to play well with investors. STERLING is expected to trade with a NEUTRAL bias until the release of this month’s Bank of England minutes tomorrow morning.

The EURO has edged forward against the Pound on the day and is currently trading at 1.1915 against Sterling. However, the EUR has lost a small amount of groundagainst the US Dollar. Support for Europe’s single currency has been tepid throughout today’s session, in spite of last night’s news that Greece had secured its next€130bn of bail-out funding. This reaction has been attributed to the stringent conditions which the eurogroup have enforced on Greece in order for the troubled nation to receive the emergency funding. This leaves the euro trading with a NEUTRAL TO NEGATIVE emphasis.

The US DOLLAR has held steady in the currency markets during today’s session. Global equities markets remain unconvinced that Greece’s bail-out will stick, causing UK and European equities markets closing lower. A light data schedule for the next 24 hours leaves the Greenback to susceptible to shifting risk sentiment which is likely to see it trade to a NEUTRAL TO POSITIVE bias in the near-term. The GBP USD exchange rate currently stands at 1.5804.

The NEW TURKISH LIRA continues to stage a recovery in the currency markets, seeing the GBP TRY exchange rate trade down to 2.7494 on the day. In the week following Christmas, the pair had come close to 2.98, so this marks a major turnaround for the Lira, which appears to be benefitting disproportionately from the pick-up in global appetite for risk. This trend is likely to continue for the foreseeable future, leaving the TRY to trade with a markedly POSITIVE bias in the markets.

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