Currency Exchange Rate Predictions For GBP EUR USD NOK

October 29, 2013 - Written by Toni Johnson

STORY LINK Currency Exchange Rate Predictions For GBP EUR USD NOK

This morning’s UK Mortgage Approval data for last month provided the POUND STERLING with a fillip, showing a steady increase from the previous month’s figure. However, Sterling still gave up ground against most of the other majors on the day thanks to ongoing concerns that Britain’s recovery is running out of steam. The forecast for the Pound is NEUTRAL TO NEGATIVE.

The NORWEGIAN KRONE has edged higher against the Pound during the past month, sending the GBP NOK exchange rate down to a new 1-month low at 9.4926 earlier today. The Krone has pushed ahead against Sterling during this time in spite of the gentle downward movement in global oil prices. Recent data suggesting that the relative weakening of the Krone during the first half of the year has priced foreign imports out of the Norwegian domestic market came as good news for the NOK which is now expected to trade on a NEUTRAL TO POSITIVE footing in the short term.

The EURO has continued to bully Sterling so far today, sending the GBP EUR exchange rate down to as low as 1.1663 earlier on. The continued positive performance for the single currency suggests that investors are not taking the European Central Bank’s threats of an interest rate cut seriously. Tomorrow’s German Employment data could be game-changing, but in the meantime, the eurozone’s unit is expected to trade with a NEUTRAL TO POSITIVE bias.

The US DOLLAR has pushed ahead against Sterling so far today, hinting that the recent negative sentiment surrounding the Greenback may now be abating. This afternoon’s US Consumer Confidence survey could prove market moving due to the effect which it is likely to have on market participants’ thoughts on the future direction of the Federal Reserve’s monetary policy. In the meantime, the outlook for the Buck is NEUTRAL and the GBP USD exchange rate stands at 1.6079.

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