Foreign Currency Exchange Rate Predictions For GBP EUR AUD & CAD

Published: Thursday, 4 April 2013 15:00 BST - Written by Tim Boyer

STORY LINK Foreign Currency Exchange Rate Predictions For GBP EUR AUD & CAD

The POUND STERLING received a boost earlier today when the Bank of England announced that it would not be increasing the £375bn already allocated to its Quantitative Easing programme. A better than expected PMI Services sector survey added to the positive lustre surrounding the UK tender on the day. Analysts expect Sterling to trade on a NEUTRAL TO POSITIVE bias moving forward.

Not for the first time in recent months, Mario Draghi’s post policy decision press conference has triggered a sell-off for the EURO. Draghi’s assertion that the ECB could not compensate for the lack of governmental action from the seventeen eurozone states spooked investors holding the single currency. The move against the euro has sent the GBP EUR exchange rate up to 1.1854 this afternoon and the single currency is expected to trade on a NEUTRAL TO NEGATIVE footing in the near-term.

The AUSTRALIAN DOLLAR has suffered pronounced downside during today’s session thanks to an increase in fear levels in the global equities markets following North Korea’s threat to launch a nuclear strike at US targets. The doom-laden threats from Pyongyang have caused appetite for risk to dip, sending GBP AUD up to 1.4534 earlier. The near-term outlook for the Australian currency is NEUTRAL TO NEGATIVE and is expected to remain so until the situation in the Korean Peninsula calms down.

The CANADIAN DOLLAR has lost a little ground against Sterling so far today, sending the GBP CAD exchange rate up to 1.5363 earlier. Support for the Loonie has faltered somewhat on the day over fears over escalating tensions between North and South Korea. However, the concerning comments coming from the Far East have been almost totally cancelled out by an improvement in the situation in Cyprus during recent sessions. The CAD is expected to trade on a NEUTRAL TO POSITIVE footing ahead of tomorrow’s key Canadian employment figures for last month.

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