Foreign Currency Exchange Rate Predictions For GBP INR AUD USD

September 6, 2013 - Written by John Cameron

STORY LINK Foreign Currency Exchange Rate Predictions For GBP INR AUD USD

The POUND STERLING has softened against almost all of the other sixteen most actively traded global currencies so far today. The Pound has enjoyed a good run in the markets over the past two weeks as investors’ focus rested on how soon the Bank of England might be able to tighten its monetary policy following a series of strong UK data releases. Today’s slight downward move for Sterling appears to be a consolidation after several strong sessions – the UK tender’s uptrend may be re-established when trading recommences on Monday. The outlook for the Pound is NEUTRAL TO POSITIVE.

The INDIAN RUPEE has slumped to its lowest ever level ever against the US Dollar within the past week as investors responded negatively to a raft of data which suggested that India’s economy is slowing. The additional threat of a tapering of Quantitative Easing from the US Federal Reserve has added to the selling pressure on the Indian tender. However, this week’s announcement that former IMF Chief Economist Raghuram Rajan has taken over as Governor of the Reserve Bank of India has helped the Rupee claw back a portion of its recent losses, meaning that the INR is forecast to trade on a NEUTRAL TO POSITIVE footing in the near term. The current GBP INR exchange rate stands at 101.4700.

The AUSTRALIAN DOLLAR has firmed on the day, sending the GBP AUD exchange rate (GBP AUD) down to as low as 1.6978. The Aussie has come in for support ahead of tomorrow’s general election in the Antipodean nation. A landslide victory is forecast for the Liberal/National alliance and conventional wisdom amongst investors appears to be that such a result would be positive news for the Australian tender, which is now expected to trade on a NEUTRAL TO POSITIVE footing in the short term.
The US DOLLAR has softened throughout today’s session in the currency markets. This afternoon’s US labour market data showed a disappointing level of job creation in the States over the past month, however a dip in the overall level of joblessness down from last month’s 7.4% to 7.3% this year has helped the Greenback’s chances of staging a recovery. The US Federal Reserve has made it clear that it wants to see a tangible dip in the level of domestic joblessness before it will begin trimming QE. For this reason, the Buck is expected to trade with a NEUTRAL TO POSITIVE bias moving forward. The GBP USD exchange rate stands at 1.5636.

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