Foreign Currency Exchange Rate Predictions For GBP, EUR, AUD And SGD For Today

January 10, 2013 - Written by John Cameron

STORY LINK Foreign Currency Exchange Rate Predictions For GBP, EUR, AUD And SGD For Today

The POUND STERLING should have recorded gains today, following the news that the Bank of England’s monetary policy committee decided against any further loosening of the UK’s domestic monetary policy. The fact that Sterling has lost ground against the euro, Australian and Kiwi Dollars is indicative of the negative sentiment surrounding the Pound. The outlook for Sterling, given the fact that the UK may be set to lose its AAA debt rating, is NEGATIVE.

The EURO has been well-bid so far today, sending the Pound Euro exchange rate (currency : GBP EUR) down as low as 1.2183 earlier. The single currency has benefitted from the ECB’s decision not to trim its key interest rate earlier today. ECB President Mario Draghi’s observation that recent economic indicators have suggested that the eurozone economy is stabilising has provided further reasons for optimism for investors holding euro-denominated assets. Because of this, the euro is expected to trade with a NEUTRAL TO POSITIVE bias moving forward.

The AUSTRALIAN DOLLAR made healthy gains in early trading today, taking the Sterling to Australian Dollar exchange rate (currency : GBP AUD) down to 1.5150 just before London’s equities open. The risk-sensitive ‘Aussie’ was buoyed by a better-than-anticipated set of Chinese trade figures, released during last night’s Asian session. The Australian tender now appears to gaining some momentum against most of the other majors; for this reason, the AUD is expected to trade on a NEUTRAL TO POSITIVE footing in the short term.

The SINGAPORE DOLLAR has traded on an even keel against the Pound on the day. The SGD has endured a relatively disappointing start to 2013 up to this point, dipping to a 3 month low against the US Dollar earlier this week. Concerns that the Singapore economy is being eclipsed by those of its near neighbours South Korea and Taiwan, appear to be holding the SGD back. The outlook for the ‘Singie’ is NEUTRAL TO NEGATIVE moving forward.

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TAGS: Australian Dollar Forecasts Currency Predictions Euro Forecasts Eur Forecasts