Exchange Rate Forecasts For British Pound (GBP), Euro (EUR), Australian Dollar (AUD) and US Dollar (USD)

November 6, 2014 - Written by John Cameron

STORY LINK Exchange Rate Forecasts For British Pound (GBP), Euro (EUR), Australian Dollar (AUD) and US Dollar (USD)

Read our latest forecasts for the Pound Sterling (currency:GBP) to euro (currency:EUR) exchange rate and our forex redictions for the US Dollar (currency:USD) and Australian Dollar (currency:AUD).

With updated conversions

The POUND STERLING (currency:GBP) put in a mixed performance on the day yesterday, recording strong gains against the Commodity Dollars and the euros, while faring less well against the US Dollar and the Indian Rupee (currency:INR).

Sterling was held back by a worryingly poor UK PMI Services report which suggest a larger than anticipated slowing of the rate of growth in Britain’s all-important tertiary industries.

This afternoon’s Bank of England policy announcement was forecast to be a non-event, so the Pound forecast to put in a NEUTRAL TO POSITIVE performance in the short term.

Here are the latest forex rates today (revised 8th Nov)

The Pound to Australian Dollar: GBP/AUD exchange rate is 1.83807.
The Pound to Canadian Dollar exchange rate (GBP/CAD) is 1.79846.
The Pound to Euro exchange rate (GBP/EUR) is 1.27442.
The Pound to New Zealand Dollar exchange rate today (GBP/NZD) is 2.04761.
The Pound to US Dollar rate is 1.58736 GBP/USD.

Euro Exchange Rate Forecast

The EURO (currency:EUR) has taken a kicking in the markets during recent months and this shows no sign of abating in the short to medium term.

The single currency has suffered as the European Central Bank announced a succession of interest rate cuts and policy loosening measures.

If this afternoon brings the much-vaunted revelation of all-out Quantitative Easing for mainland Europe, then expect the euro to ship further support.

In such an instance a break above the psychologically-key 1.3000 level may be possible for GBP EUR.

The single currency is forecast to trade with a NEGATIVE bias moving forward.

US Dollar Exchange Rate Forecast

The US DOLLAR (currency:USD) once again outperformed its peers during yesterday’s session, sending the GBP USD exchange rate down to an intraday low of 1.5864.

Support for the USD was driven by the conventional wisdom amongst market participants that the Federal Reserve is ahead of the curve regarding its monetary policy and that a US interest rate hike is imminent.

A strong set of private sector jobs numbers, published yesterday afternoon, further assisted the Greenback. The outlook for the Dollar is now POSITIVE.

Aus Dollar Exchange Rate Forecast

Support for the AUSTRALIAN DOLLAR (currency:AUD) slumped during yesterday’s session as investors remained wary of export-driven tenders following a significant growth forecast downgrade from the European Commission earlier this week.

The main event today for Aussie-watchers was at lunchtime, with the European Central Bank making its latest policy announcement.

If Europe’s reserve bank had announced plans for an all-out Quantitative Easing programme, then buyers were to look for the Aussie to enjoy renewed near-term support.

Following yesterday’s sustained losses, the outlook for the Australian unit is NEUTRAL TO POSITIVE.

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