Foreign Currency Exchange Rate Outlook For EUR GBP And Forecast For USD NZD

Modified: Thursday, 13 June 2013 14:08 BST - Written by Minesh Chaudhari

STORY LINK Foreign Currency Exchange Rate Outlook For EUR GBP And Forecast For USD NZD

The European Central Bank monthly report, published earlier this morning, had a broadly neutral effect on the EURO. However, the closely-monitored release sent out a confident message regarding price pressures in the eurozone, stating that inflation in the region remains firmly under control. The statement leaves the door open for a further loosening of monetary policy from the European Central Bank – the outlook for single currency is NEUTRAL TO NEGATIVE as a consequence. The current GBP EUR exchange rate stands at 1.1760.

The POUND STERLING has been at the mercy of the movement of other major currencies today due to a lack of UK data releases. The Pound has generally fared well during recent weeks thanks to the firmer tone of British data releases, with the latest edition of the PMI Services sector survey providing grounds for encouragement. In the absence of any unforeseen risk events, Sterling is expected to trade on a NEUTRAL TO NEGATIVE footing in the near-term.

The US DOLLAR has failed to stage a comeback in the currency markets today in spite of a better than anticipated May Advance Retail Sales figure. Investors holding the Buck continue to fret about the possibility that QE in the States is here to stay following comments from Fed policymaker Bullard earlier in the week. The current GBP USD exchange rate stands at 1.5670 and the Greenback is expected to trade with a NEUTRAL TO NGATIVE bias in the short term.

The last 24hrs has been a period of considerable change for the NEW ZEALAND DOLLAR. A GDP growth downgrade for the Chinese economy meant that the Kiwi started off last night’s Asian session firmly on the back foot, but the New Zealand tender has clawed back a significant amount of ground in the hours which followed, thanks in part to the publication of an encouraging set of Australian jobs numbers. The Kiwi is expected to trade on a NEUTRAL footing moving forward and the current GBP NZD exchange rate stands at 1.9640.

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