Exchange Rate Forecasts / Predictions For Pound Sterling (GBP) Euro (EUR), Dollar (USD) & Lira (TRY)

March 28, 2014 - Written by Toni Johnson

STORY LINK Exchange Rate Forecasts / Predictions For Pound Sterling (GBP) Euro (EUR), Dollar (USD) & Lira (TRY)

The POUND STERLING (currency:GBP) has staged a concerted comeback against the other major global currencies during the latter part of this week. Yesterday’s highly positive British Retail Sales data helped support the Pound and the Confederation of British Industry’s overnight assessment that the UK economy is still experiencing above average growth has provided further succour for Sterling. Pound Sterling exchange rate forecast:The outlook for the Pound is now NEUTRAL TO POSITIVE.

The EURO (currency:EUR) stumbled during yesterday’s session following the announcement from the International Monetary Fund that it is providing a massive bailout of between $14bn and $18bn to Ukraine. With calls increasing for the European Union to grant the Ukraine ascension to the group of 27 eurozone nations, Brussels could be lumbered with another lame duck bankrupt state to look after. This morning’s disappointing German import data has heaped further pressure on the single currency. Euro exchange rate forecast:The euro is now forecast to trade with a NEUTRAL TO NEGATIVE bias moving forward.

The US DOLLAR’s (currency:USD) recent improvement against the Pound has stalled during early trading today, sending the GBP USD exchange rate up to 1.6631 earlier. The Greenback is likely to remain well-bid during coming sessions thanks to Federal Reserve Chairwoman Janet Yellen’s assertion last week that US interest rates may be on their way upwards during the early part of next year. Wednesday’s positive US Durable Goods Orders data for last month added to the impression that conditions in the vast American economy are improving. US Dollar exchange rate forecast: The Buck is now forecast to trade on a NEUTRAL TO POSITIVE footing moving forward.

The TURKISH LIRA (currency:TRY) continues to ship support in the currency markets, sending the GBP TRY exchange rate up to close to the 3.6500 threshold earlier today. Political unrest in Turkey’s neighbouring nations has hurt the Lira during the past two years and these tensions shows no sign of abating. However, with Sunday’s elections looming in Turkey, the potential exists that the Lira may gain some short-term support. A strong showing from the ruling AK Party will be required, but opinion polls suggest that this is a likely outcome. Lira exchange rate forecast: For this reasons, analysts are predicting that the Lira will trade on a NEUTRAL footing near-term.

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