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

Published: Thursday, 3 May 2012 18:00 BST - Written by John Cameron

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

More weak UK house price data this morning had a limited effect on the POUND STERLING – investors have almost totally priced-in the ongoing poor performance of the UK’s housing market. However, a disappointing showing for this morning’s PMI Services survey came as more of a shock, meaning that Sterling heads towards the weekend on a NEUTRAL TO NEGATIVE footing.


The EURO has clawed back a small portion of the ground which it has lost in recent sessions against the Pound and the Dollar today. The GBP EUR exchange rate sits at 1.2287 right now. Relief at Spain’s success in selling a full allocation of its bonds at auction earlier was tempered by disappointment regarding the interest rates which the troubled Iberian state was forced to pay. The ECB’s decision to keep its key lending rate on hold has provided further support for the single currency, meaning that the euro trades with a NEUTRAL bias moving forward.


A generally encouraging performance from global stocks on the day has provided a headwind for the US DOLLAR. However, with Spanish debt yields edging higher once again, there remains the potential for the Buck to strengthen at any given time. Investors are sitting on their hands ahead of tomorrow’s key US Non-Farm Payrolls data release, so the Greenback is anticipated to trade on a NEUTRAL footing in the near-term. The current GBP USD exchange rate stands at 1.6180.


The CANADIAN DOLLAR has drifted lower against most of the other sixteen most-actively traded currencies on the day, following a strong performance in the markets since Tuesday afternoon, which was elicited by a highly encouraging US manufacturing sector data. The move emphasises the extent to which the Canadian currency is dependent on economic activity in the US, making tomorrow afternoon’s US Non-Farm Payrolls figure key. The CAD is expected to trade with a NEUTRAL TO NEGATIVE bias in the meantime and the GBP CAD rate stands at 1.5941.

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