Daily Exchange Rate Predictions For The Euro, US Dollar, Pound Sterling and New Zealand Dollar

Modified: Wednesday, 2 May 2012 16:57 BST - Written by Ben Hughes

STORY LINK Daily Exchange Rate Predictions For The Euro, US Dollar, Pound Sterling and New Zealand Dollar

The EURO has remained firmly out of favour in the markets today, as data revealed that unemployment in the eurozone had hit its highest ever level. The saw the GBP EUR exchange rate spiral to 1.2326. The news that leading credit ratings agency S&P had upgraded Greece’s debt from its current junk status did little to convince investors to hold the single currency, which currently trades on a NEUTRAL TO NEGATIVE footing.


The US DOLLAR has gained ground against the majority of the other majors during today’s session, as the Dow Jones equities market edged off yesterday’s four-year high due to profit-taking from speculators. The Greenback is expected to trade with a NEUTRAL TO POSITIVE bias until Friday’s key US Non-Farm Payrolls data is released. The current GBP USD exchange rate is 1.6197.

The POUND STERLING has put in a neutral showing in the markets on the day. Strong showings for this morning’s UK Mortgage Approval and PMI Construction data were offset by the gnawing ever-present knowledge that the British economy has returned to recession. Sterling is expected to trade with a NEUTRAL bias in the near-term.

The NEW ZEALAND DOLLAR has suffered on the currency markets today, taking the GBP NZD exchange rate as high as 2.0013. Yesterday’s data which revealed that NZ Commodities Prices had slumped to their lowest level for a year and a half, suggesting that the Kiwi economy is started to feel a backlash from the global economic slowdown. Tonight’s NZ employment data will be closely-watched for confirmation of this. In the meantime, the NZD trades on a NEGATIVE footing in the near-term.

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TAGS: American Dollar Forecasts Currency Predictions Dollar Poun Forecasts