Pound Sterling, US Dollar, Euro And Turkish Lira Daily Exchange Rate Forecasts

Modified: Monday, 2 April 2012 15:44 BST - Written by David Woodsmith

STORY LINK Pound Sterling, US Dollar, Euro And Turkish Lira Daily Exchange Rate Forecasts

There was little in the way of tier one data to trigger a move for the POUND STERLING during today’s session. This morning’s PMI Manufacturing sector survey provided grounds for encouragement, printing at a higher level than had been expected, seeing Sterling outperform all of the other majors, with the exception of the Canadian Dollar and the Yen. The Pound is expected to trade with a POSITIVE bias in the near-term.


The EURO has once again put up a weak performance during today’s session in the currency markets. The single currency has been held back by poor eurozone unemployment data, released earlier, which revealed that joblessness in the region climbed to a worrying 10.8% in February. The subsequent drop-off in euro-sentiment has taken the GBP EUR exchange rate to 1.2051 and the euro heads into tomorrow on a NEUTRAL TO NEGATIVE footing.


The US DOLLAR has leaked support on the day, as confidence seeped back into global equities markets. This saw institutional investors liquidate their positions of safety in the US Dollar treasury bill. This afternoon’s relatively strong ISM Manufacturing survey in the States has added to the ‘risk-on’ trading environment, triggering further support for the Greenback, which trades with a NEUTRAL TO NEGATIVE bias moving forward. The current GBP USD exchange rate is 1.6023.


The TURKISH LIRA continues to edge lower against most of the other majors on the day. Data released earlier today which showed that Turkey’s economy grew at a slower pace in the final quarter of 2011 than in the earlier part of last year, has added to the downside pressure on the Lira, taking the GBP TRY exchange rate to 2.8573. With Turkish stock indices under pressure, the Lira is expected to trade on a NEUTRAL TO NEGATIVE footing in the near-term.

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