Today?s Currency Exchange Rate Forecasts For The Pound Sterling, US Dollar, Euro and Canadian Dollar

Published: Thursday, 12 April 2012 18:00 BST - Written by James Fuller

STORY LINK Today?s Currency Exchange Rate Forecasts For The Pound Sterling, US Dollar, Euro and Canadian Dollar

Poor British trade figures for February held back the POUND STERLING on the currency markets during today’s session. The numbers showed that the UK’s trade gap is widening, suggesting that the domestic manufacturing sector remains dormant. Sterling heads into tomorrow trading with a NEUTRAL TO NEAGTIVE bias.


The US DOLLAR has given up ground against the other majors during today’s session, as the ‘risk-on’ trading environment has strengthened on the day. Strong Australian labour market numbers, released during last night’s Asian session, set the tone for the day, helping the GBP USD exchange rate trade up to its current level of 1.5955. If tonight’s Chinese GDP growth numbers better expectations, then the Greenback could head into the weekend on a NEUTRAL TO NEGATIVE footing.


The EURO has clawed back some of the ground which it has lost against the Pound and the Dollar during today’s session, taking the GBP EUR exchange rate to 1.2110. This morning’s ECB Monthly Report predicted that eurozone inflation will remain above 2% for the remainder of 2012, leaving limited scope for interest rate cuts in the short-to-medium term. Having been heavily sold over the past two weeks, it now appears possible that the single currency will trade with a NEUTRAL TO POSITIVE bias in the near-term.


The CANADIAN DOLLAR has come under concerted selling pressure over the past week, thanks to last Friday’s weak US employment data and ongoing concerns about a potential slowdown in China’s economy. An easing in wholesale oil prices has also caused hurt the Canadian Dollar this week. The current GBP CAD exchange rate stands at 1.5903 and it is anticipated that the Canadian currency will trade with a NEUTRAL TO NEGATIVE footing moving forward.

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