Exchange Rate Forecasts & Predictions For Pound Sterling, Euro, US Dollar & Canadian Dollar

February 24, 2014 - Written by David Woodsmith

STORY LINK Exchange Rate Forecasts & Predictions For Pound Sterling, Euro, US Dollar & Canadian Dollar

The POUND STERLING (currency:GBP) put in a tame performance in the global currency markets as last week drew to a close following the publication of a disappointing set of public sector borrowing figures on Friday morning. Last month’s UK Retail Sales numbers, released at the same time, also came in below par meaning that the Pound Sterling heads into this week on a NEUTRAL TO NEGATIVE footing.

The EURO (currency:EUR) pushed ahead against Sterling on Friday, sending the Pound Euro exchange rate down to as low as 1.2097 GBP EUR. The single currency benefitted from a stronger than anticipated German PMI services survey, published on Thursday, but is by no means guaranteed to hang on to these gains this week. Anything less than the expected showing of 0.7% from this morning’s annualised whole of eurozone CPI inflation numbers could see the euro trade on a NEUTRAL TO NEGATIVE footing moving forward.

The US DOLLAR (currency:USD) hovered up some safe haven support at the end of last week thanks to an escalation of socio-political tensions in the Ukraine. However, with an apparently smooth transition of power imminent in the former Soviet state following the weekend’s events, the Buck may start this week on the back foot. Tomorrow afternoon’s US Consumer Confidence survey could be a game-changer for the Greenback – in the interim the US tender is expected to trade with a NEUTRAL bias. Pound Dollar exchange rate closed last week at 1.6616 GBP USD.

Higher than anticipated Canadian inflation numbers, out on Friday, helped the CANADIAN DOLLAR (currency:CAD) claw back some of its midweek losses against the Pound, sending Pound Canadian Dollar exchange rate down to 1.8464 GBP CAD. Loonie-watchers will have to wait until Friday afternoon for the next tier one risk event for the Canadian tender – domestic Q4 GDP data. Analysts are expecting the numbers to show that the Canadian economy is expanding at an annualised rate of close to 3.0%, so the outlook for the CAD is NEUTRAL TO POSITIVE.

Key Pound Sterling, Euro, Canadian Dollar & US Dollar Exchange Rates (As of: 09:00 GMT 24/02/2014)

The Pound Sterling to Canadian Dollar exchange rate is trading up +0.16% at 1.85135 GBP/CAD.
The Pound Sterling to Euro exchange rate is trading up +0.03% at 1.21103 GBP/EUR.
The Pound Sterling to US Dollar exchange rate is trading up +0.12% at 1.66519 GBP/USD.
The Euro to Canadian Dollar exchange rate is trading up +0.13% at 1.52875 EUR/CAD.
The Euro to Pound Sterling exchange rate is trading down -0.03% at 0.82575 EUR/GBP.
The Euro to US Dollar exchange rate is trading up +0.09% at 1.37502 EUR/USD.
The US Dollar to Canadian Dollar exchange rate is trading up +0.04% at 1.11180 USD/CAD.
The US Dollar to Euro exchange rate is trading down -0.09% at 0.72726 USD/EUR.
The US Dollar to Pound Sterling exchange rate is trading down -0.12% at 0.60053 USD/GBP.
The Canadian Dollar to Euro exchange rate is trading down -0.13% at 0.65413 CAD/EUR.
The Canadian Dollar to Pound Sterling exchange rate is trading down -0.16% at 0.54015 CAD/GBP.
The Canadian Dollar to US Dollar exchange rate is trading down -0.04% at 0.89944 CAD/USD.

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