Foreign Currency Exchange Rate Predictions For GBP EUR And Outlook For USD & AUD

Published: Tuesday, 19 February 2013 16:00 BST - Written by Ben Hughes

STORY LINK Foreign Currency Exchange Rate Predictions For GBP EUR And Outlook For USD & AUD

The AUSTRALIAN DOLLAR has registered healthy gains against Sterling following last night’s minutes of the most recent Reserve bank of Australia meeting. The memos were generally of a more go-ahead tone than analysts had been anticipating, noting strong demand for Australian commodities from Asia and an improvement in the global economic picture. The current GBP AUD exchange rate stands at 1.4964 and it is anticipated that the ‘Aussie’ will trade on a NEUTRAL TO POSITIVE footing moving forward.

The EURO has once again posted a more than respectable performance in the currency markets today, sending the GBP EUR exchange rate down as low as 1.1573 this afternoon. The single currency has benefitted from a stronger than anticipated German ZEW Survey this morning which suggested that sentiment amongst economic participants in the eurozone’s major economy remains relatively buoyant. The euro is expected to trade with a NEUTRAL TO POSITIVE bias moving forward.

The POUND STERLING has traded no more than steadily so far today, largely thanks to the fact that there were no British tier one data releases to knock the UK tender off track. Tomorrow morning’s Bank of England minutes and January Jobless Claims Change data is likely to change this. All has gone quiet on the Quantitative Easing front in the UK in recent months – any renewed mention in the minutes of more QE for Britain would send the Pound sharply lower. The outlook for Sterling is NEUTRAL ahead of these two key releases.

The US DOLLAR has spent most of today’s session trading in the 1.5400s against the Pound. The Greenback continues to perform well on the markets in spite of a positive performance for global shares on the day, hinting at a further de-coupling of the long-standing Greenback/Risk relationship. The ‘Buck’ is expected to trade on a NEUTRAL TO POSITIVE footing ahead of tomorrow night’s Fed minutes. The GBP USD exchange rate currently stands at 1.5476.

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