Exchange Rate Forecasts Today: GBP to EUR, USD & CAD Dollar FX Predictions & Conversions

October 23, 2014 - Written by John Cameron

STORY LINK Exchange Rate Forecasts Today: GBP to EUR, USD & CAD Dollar FX Predictions & Conversions

Recent risk events have prompted analysts to alter their forex exchange rate forecasts for the Pound Sterling (GBP) vs euro (EUR), US Dollar (USD) and the Canadian Dollar (CAD). We bring you our forex predictions along with reference conversion rates today.

The Pound to euro exchange rate saw a move lower yesterday as the BoE minutes proved to be dovish, driving FX markets to sell off Sterling.

Exchange Rates Today:

The Pound to Canadian Dollar exchange rate is -0.19 pct lower with a conversion rate of 1 GBP equals 1.80185 CAD.
The Pound to Euro conversion rate today is -0.22 pct lower at 1.26624 GBP/EUR.
The Pound to Dollar exchange rate converts -0.13 per cent lower at 1 GBP is 1.60235 USD.
The Euro to Pound exchange rate converts +0.22 per cent higher at 1 EUR is 0.78974 GBP.
The Euro to US Dollar rate today is +0.1 pct higher at 1.26544 EUR/USD.

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Pound Rate Today: GBP Slides vs EUR and USD

The POUND STERLING (currency:GBP) gave up a little ground against the other major global currencies yesterday following the publication of the minutes of the latest Bank of England monetary policy meeting.

The memos of the latest UK central bank get-together showed that seven of the nine committee members had voted against a change in monetary policy – Sterling-holders had been hoping for a little bit more, with some analysts talking-up a 6-3 or even a 5-4 split.

However, UK inflation remains higher than most and domestic growth is running at a respectable level, so the Pound is forecast to trade with a NEUTRAL TO POSTIVE bias.

Euro Rate Forecast: EUR Suffers On Asset Purchase Rumours

The EURO (currency:EUR) once again underperformed on the day yesterday.

The single currency was weighed down by continuing rumours that the European Central Bank is preparing to launch a large scale purchase of corporate bonds.

Look for this afternoon’s whole of eurozone consumer confidence survey to provide the single currency with renewed direction.

In the meantime, expect the euro to continue to trade on a NEGATIVE footing.

The current GBP EUR exchange rate is 1.2698.

Dollar Exchange Rate Forecast: USD Strengthens Following Inflation Data

The US DOLLAR (currency:USD) strengthened across the board late yesterday after the publication of a slightly higher than expected set of domestic inflation numbers.

The figures suggest that the US economy remains ahead of the curve and there could be further upside to come if tomorrow afternoon’s American home sales figures for September hint that a US interest rate may be required sooner rather than later.

The outlook for the US Dollar remains NEUTRAL TO POSITIVE and the GBP to USD exchange rate stands at 1.6054.

Canadian Dollar Outlook Today: BoC Minutes Help CAD

The omission of one little word helped the CANADIAN DOLLAR (currency:GBP) climb against Sterling during yesterday’s afternoon session in the global currency markets.

As expected, the Bank of Canada opted to maintain its key interest rate at its current level of 1.00% yesterday afternoon, however the removal of the word ‘neutral’ from its accompanying statement saw the Loonie gain ground.

The Pound vs Canadian Dollar exchange rate dipped to as low as 1.7944 as a result and the outlook for the CAD is now NEUTRAL TO POSITIVE.

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TAGS: American Dollar Forecasts Canadian Dollar Forecasts Currency Predict Forecasts