Foreign Exchange Rate Forecasts: Euro (EUR), Pound Sterling (GBP), US Dollar (USD) & New Zealand Dollar (NZD)

April 24, 2014 - Written by Tim Boyer

STORY LINK Foreign Exchange Rate Forecasts: Euro (EUR), Pound Sterling (GBP), US Dollar (USD) & New Zealand Dollar (NZD)

Here's our foreign exchange rate forecasts/analysis for the Euro (EUR), Pound Sterling, (GBP), Dollar (USD) and New Zealand Dollar (NZD):

The EURO (currency: EUR) enjoyed a boost earlier today when Portugal’s government successfully shifted €750m worth of its bonds at auction. The news means that the once debt-addled Iberian state is now nearly certain to exit its bailout before the end of next month. A stronger than anticipated German IFO Business Climate survey this morning has also assisted the single currency on the day. The Euro exchange rate forecast NEUTRAL TO POSITIVE and the GBP EUR exchange rate stands at 1.2155.

The POUND STERLING (currency: GBP) has held its ground against the other major global currencies so far today. This morning’s stronger than expected CBI Reported Sales figures provided the UK tender with a tailwind, however the Bank of England’s non-committal stance on the future direction of Britain’s monetary policy continues to anchor the Pound. The Pound Sterling forecast is a NEUTRAL TO POSITIVE bias ahead of tomorrow morning’s UK Retail Sales numbers.

The NEW ZEALAND DOLLAR (currency: NZD) has slumped during today’s session in spite of the Reserve Bank of New Zealand’s interest rate hike last night. The shift of the Kiwi was driven by the ‘wait and see’ tone of the accompanying statement from RBNZ Governor Graeme Wheeler. With little in the way of global risk events for the remainder of the week, the Kiwi is expected to trade on a NEUTRAL footing moving forward. The current Pound New Zealand Dollar exchange rate stands at 1.9602 GBP/NZD.

Stronger than expected set of American Durable Goods Orders data for last month, published earlier this afternoon, has triggered some support for the US DOLLAR (currency: USD) during late trading. The number, which was backed up by encouraging US jobs market figures, affords some hope to investors holding the Buck that the Federal Reserve may now rapidly phase out its controversial Quantitative Easing programme. Tomorrow afternoon’s US Michigan Confidence survey will be interesting. In the meantime, the Greenback is expected to trade on a NEUTRAL footing.

For further exchange rate forecasts/analysis, please refer to the main Currency News UK website.

Last updated 26/04/2014

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