Foreign Exchange Rate Forecasts & Prediction For Pound Sterling (GBP), Euro (EUR), Dollar (USD) & Indian Rupee (INR)

June 6, 2014 - Written by John Cameron

STORY LINK Foreign Exchange Rate Forecasts & Prediction For Pound Sterling (GBP), Euro (EUR), Dollar (USD) & Indian Rupee (INR)

The EURO (currency:EUR) has steadied itself against the other majors during the past 12hrs following the initial shock of yesterday’s ECB announcement of its plan for a eurozone Quantitative Easing scheme. Slightly disappointing German industrial production numbers, published earlier, have halted the short term improvement for the single currency, and a delayed move against the eurozone tender cannot be ruled-out for next week. For this reason, the forecast for the euro is NEUTRAL TO NEGATIVE, while the GBP EUR exchange rate stands at 1.2335.

Pound Sterling exchange rate

UK Chancellor George Osborne received a stern warning from the International Monetary Fund earlier today which may hold back the POUND STERLING (currency:GBP)moving forward. The IMF issued a report setting out the threat which a potential property price bubble might have on the UK economy and also pointed to low levels of productivity as a limiting factor on Britain’s continued economic recovery. The outlook for Sterling is now NEUTRAL.

US Dollar exchange rate

The US DOLLAR (currency:USD) has suffered renewed downside against Sterling following yesterday’s ECB announcement. The move was triggered by investment banks shifting their funds out of the States and into the eurozone in anticipation of a flood of easy money from the European Central Bank’s raft of policy loosening measures. The Greenback badly needs a solid US non-farm payrolls figure later today in order to recover lost ground against Sterling and the other majors. In the meantime, the Buck is forecast to trade with a NEUTRAL TO NEGATIVE bias. The GBP USD exchange rate stands at 1.6813.

Indian Rupee exchange rate

The INDIAN RUPEE (currency:INR) has climbed to its highest level since last November against Sterling during the last month. However, the forward move for the Indian tender, which was driven by a favourable response to the election of a new business-friendly Prime Minister in Narendra Modi, now appears to be running out of steam. In the medium term, the news that the Reserve Bank of India is set to allow foreign investors to participate in foreign exchange trading, the Indian unit may be set to pick up further support. The outlook for the Rupee is now NEUTRAL TO POSITIVE and the GBP INR exchange rate stands at 99.4340.

Relevant Pound Sterling Exchange Rates - Markets open 20:030 GMT 8th June 2014

The Pound Sterling to Australian Dollar exchange rate is trading up +0.01% at 1.80038 GBP/AUD.
The Pound Sterling to Canadian Dollar exchange rate is trading down -0.05% at 1.83637 GBP/CAD.
The Pound Sterling to Swiss Franc exchange rate is trading down -0.04% at 1.50113 GBP/CHF.
The Pound Sterling to Euro exchange rate is trading up +0.01% at 1.23177 GBP/EUR.
The Pound Sterling to New Zealand Dollar exchange rate is trading up +0.14% at 1.97966 GBP/NZD.
The Pound Sterling to Turkish Lira exchange rate is trading down -0.01% at 3.49189 GBP/TRY.
The Pound Sterling to US Dollar exchange rate is trading up +0.01% at 1.68065 GBP/USD.
The Pound Sterling to South African Rand exchange rate is trading down -0.13% at 17.76918 GBP/ZAR.

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