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

Published: Friday, 27 April 2012 18:00 BST - Written by John Cameron

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

Despite Wednesdays gloomy GDP figures consumer confidence in the UK remains unchanged. Markets clearly believe that the UK economic recovery this year will be less anemic than previously thought. It is for this reason that the Pound has made gains against the majority of the majors in the past two weeks. The Pound seems to be the go to currency at the moment amongst the widespread selling of the US Dollar and Euro.

The POUND is likely to continue to trade on a POSITIVE footing moving into next week.

The EURO has come under renewed selling pressure in trade today losing ground to make fresh yearly lows against the Pound. The move to 1.2293 represents the lowest market position since August 2010 and the likelihood of further weakness remain highly likely. The GBP EUR rate currently stands at 1.2254.

The EURO is expected to remain on a NEGATIVE bias in the near-term

The US DOLLAR has weakened since the open and the GBP/USD pair has moved to a 10 month high. The move is being helped from news that that US Consumer Confidence has hit a 14 month high as consumers remain optimistic over the outlook for the US economy for 2012. This has helped moved traders back into the stock markets and driven substantial risk appetite. The GBP USD rate stands at 1.6236.

The outlook for the US Dollar is NEUTRAL TO NEGATIVE.

The AUSTRALIAN DOLLAR has rallied on improved risk appetite and the recent run of weakness appears to be slowing and a reversal looks likely. A retracement towards 1.50 remains probable in the coming months. The GBP AUD rate stands at 1.5545.

The AUD closes the week on a NEUTRAL TO NEGATIVE footing

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TAGS: American Dollar Forecasts Australian Dollar Forecasts Currency Predi Forecasts