Exchange Rate Forecasts For GBP, USD, EUR and TRY

Published: Saturday, 21 April 2012 10:00 BST - Written by John Cameron

STORY LINK Exchange Rate Forecasts For GBP, USD, EUR and TRY

A strong showing for yesterday morning’s UK Retail Sales numbers, sent the POUND STERLING sharply higher in early trading. The Pound gave up some of these gains as yesterday’s European session progressed, thanks to profit-taking from speculators, but it’s still been an encouraging week for investors holding Sterling-denominated assets. The Pound heads into next week’s session on a NEUTRAL TO POSITIVE footing.

The US DOLLAR had a poor day, losing ground against the Pound and the euro, as investors take heart from yesterday’s positive Spanish bond auction and encouraging British shop sales figures, which increased global appetite for risk. Next Wednesday’s US Durable Goods Orders data for March provide the next key risk event for the Greenback, in the meantime the US currency is expected to trade with a NEUTRAL TO POSITIVE bias. The current GBP USD exchange rate is 1.6128.

Yesterday, heavy losses for the EURO have stemmed on the day, and the single currency even managed to claw back some lost ground against the Dollar and Sterling. The current GBP EUR exchange rate is 1.2208. Fear levels in the eurozone are subsiding regarding Spain’s fiscal position and this morning’s positive German IFO Sentiment Survey have helped the single currency, which is expected to trade on a NEUTRAL footing in the near-term.

The TURKISH LIRA has endured heavy selling pressure against the Pound since the start of March, taking the GBP TRY exchange rate from below 2.8000 to its current level of 2.8909.Turkey’s central bank has announced that it will be holding a large debt auction in the middle of next month and investors remain wary about market participants’ willingness to hold the country’s bonds. The Lira is expected to continue to trade with a NEUTRAL TO NEGATIVE bias moving forward.

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TAGS: American Dollar Forecasts Currency Predictions Euro Forecasts Pound Forecasts