Exchange Rate Forecasts/ Predictions For Euro (EUR), Pound Sterling (GBP), Dollar (USD) & Norwegian Krone (NOK)

November 26, 2013 - Written by John Cameron

STORY LINK Exchange Rate Forecasts/ Predictions For Euro (EUR), Pound Sterling (GBP), Dollar (USD) & Norwegian Krone (NOK)

Below are the the foreign exchange rate forecasts for Euro, Pound Sterling, US Dollar & Norwegian Krone.

The EURO has pushed ahead against Sterling since the start of this week’s session, sending the GBP EUR exchange rate down to 1.1913 earlier. Tomorrow morning’s German GfK Consumer Confidence survey represents the single currencies next risk event of note and with recent data sets from the Teutonic powerhouse economy beating expectations, the euro is forecast to trade on a NEUTRAL TO POSITIVE footing in the near-term.

The POUND STERLING has struggled to assert itself against the other major currencies, with the exception of the high-yielders, during today’s trading session. The limp levels of support for the UK tender has been down to the Bank of England’s announcement that it is set to review whether to enforce more stringent liquidity ratios on Britain’s retail banks. Such a move would mean healthier balance sheets for the banks but less money for UK individuals and businesses. The Pound is expected to trade on a NEUTRAL TO NEGATIVE footing as a result.

The US DOLLAR’s losses of recent weeks appear to have been stemmed during this week’s session. Even yesterday afternoon’s disappointing US Pending Home Sales data has failed to weaken the Greenback, suggesting that the move against the American unit may now have run out of steam. With a trimming of its Quantitative Easing scheme by the Federal Reserve unlikely before the turn of the year, it will be difficult for the Buck to garner any serious support in the near-term, so the USD is forecast to trade on a NEUTRAL footing. The current GBP USD exchange rate stands at 1.6146.

The NORWEGIAN KRONE remains heavily under pressure against Sterling following yesterday’s announcement that Iran will be allowed to sell its vast supplies of oil with greater freedom next year. The laws of supply and demand are working against the Krone at the moment – Iran is the world’s fourth largest oil producer, so the price of a barrel of crude oil is likely to edge lower in the medium term meaning that the Krone is forecast to trade with a NEUTRAL TO NEGATIVE bias moving forward. The current GBP NOK exchange rate stands at 9.8810.

Relevant Spot Exchange Rates: Euro, Pound Sterling, US Dollar & Norwegian Krone (26/11/2013)

Pound to Euro exchange rate is trading down -0.17% at 1.19287 GBP/EUR.
Pound to Norwegian Krone exchange rate is trading up +0.25% at 9.88107 GBP/NOK.
Pound to US Dollar exchange rate is trading down -0.11% at 1.61535 GBP/USD.
Euro to British Pound exchange rate is trading up +0.17% at 0.83832 EUR/GBP.
Euro to Norwegian Krone exchange rate is trading up +0.42% at 8.28346 EUR/NOK.
Euro to US Dollar exchange rate is trading up +0.06% at 1.35417 EUR/USD.
US Dollar to Euro exchange rate is trading down -0.06% at 0.73846 USD/EUR.
US Dollar to British Pound exchange rate is trading up +0.11% at 0.61906 USD/GBP.
US Dollar to Norwegian Krone exchange rate is trading up +0.36% at 6.11700 USD/NOK.
Norwegian Krone to Euro exchange rate is trading down -0.41% at 0.12072 NOK/EUR.
Norwegian Krone to British Pound exchange rate is trading down -0.26% at 0.10120 NOK/GBP.
Norwegian Krone to US Dollar exchange rate is trading down -0.35% at 0.16348 NOK/USD.

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