Foreign Currency Exchange Rate Prediction For GBP EUR & Forecasts For USD CAD

Modified: Thursday, 18 April 2013 13:31 BST - Written by John Cameron

STORY LINK Foreign Currency Exchange Rate Prediction For GBP EUR & Forecasts For USD CAD

The POUND STERLING has been held back on the day by another disappointing UK data release. This time it was March’s Retail Sales figures which hurt the Pound, sending the GBP EUR exchange rate down to as low as 1.1660 earlier. With no further British tier one data releases penned in for the remainder of the week, Sterling could now suffer from a period of drift. The outlook for the Pound is NEUTRAL TO NEGATIVE.

The EURO has traded steadily against Sterling today. The news that the Spanish government’s borrowing cost eased at today’s bond auction has helped the single currency on the day. However, the euro remains at risk as Italian lawmakers convene in Rome in order to vote for the next President of their Republic. Investors holding euro-denominated assets will be hoping that a swift decision is reached in Italy so that the new man at the helm can begin to start the process of getting a working government in place. In the meantime, the single currency is expected to trade on a NEUTRAL footing and the current GBP EUR exchange rate is 1.1695.

The US DOLLAR has tested lower against the Pound during today’s session, sending the GBP USD exchange rate down to 1.5214 earlier. Last night’s positive assessment of the current situation in the US economy has helped the Greenback so far today, as investors increase their bets that the Federal Reserve’s Quantitative Easing programme will be curtailed later this year. The Buck is expected to trade with a NEUTRAL TO POSITIVE bias moving forward.

The CANADIAN DOLLAR has had a steady day so far today. Analysts had been anticipating a stronger performance from the Canadian tender on the day, following yesterday’s comments from Bank of Canada governor Mark Carney re-iterating his belief that a hike in Canadian interest rates is relatively close at hand. Tomorrow’s domestic inflation numbers will provide investors with further insight into the BoC’s likely policy direction. In the meantime, the CAD is expected to trade on a NEUTRAL TO POSITIVE footing. The current GBP ACD exchange rate is 1.5645.

International Money Transfer? Ask our resident FX expert a money transfer question or try John's new, free, no-obligation personal service! ,where he helps every step of the way, ensuring you get the best exchange rates on your currency requirements.

TAGS: American Dollar Forecasts Canadian Dollar Forecasts Currency Predict Forecasts