Exchange Rate Forecast Higher Pound Sterling vs Aus Dollar, NZ Dollar and Canadain Dollar

December 1, 2014 - Written by John Cameron

STORY LINK Exchange Rate Forecast Higher Pound Sterling vs Aus Dollar, NZ Dollar and Canadain Dollar

Currency News UK presents the Pound Sterling forecast against the Australian Dollar (currency:AUD), New Zealand Dollar (currency:NZD) and the Canadian Dollar (currency:CAD)

This week’s session proves to bring pronounced price action for the major global currency pairs with the publication of a raft of tier one data releases from the world’s leading economies. The addition of marked movement in the commodities markets has led commentators to forecast pronounced movement for the Pound Sterling (currency:GBP) against the other leading tenders.

The Pound to Australian Dollar exchange rate is +0.07 pct higher with a conversion rate of 1 GBP equals 1.85081 AUD.
The Pound to Canadian Dollar exchange rate today is converting +0.13 per cent higher at 1.79045 GBP/CAD.
The Pound to Euro exchange rate converts +0.39 per cent higher at 1 GBP is 1.26021 EUR.
The Pound to New Zealand Dollar exchange rate is -0.18 pct lower with a conversion rate of 1 GBP equals 1.99976 NZD.
The Pound to US Dollar conversion rate is +0.56 pct higher at 1.56992 GBP/USD.

Dollar Exchange rate Forecast: US Leads the Way for Data

The United States leads the way in terms of significant data sets this week. With retail analysts suggesting that shop sales during ‘Black Friday’, which coincided with the final trading session of last week, were significantly down on the like-for-like 2013 numbers, economists will be sifting through the numbers in an effort to garner further clues that the tentative US economic recovery is running out of momentum.

US Manufacturing Data Key

They won’t have to wait long for their first steer on this, with the publication of this month’s US ISM Manufacturing survey coming at 1500hrs GMT this afternoon. A slight downward move from last month’s showing of 59.0 is anticipated – anything more than this and the Buck is likely to give up renewed ground against Sterling, potentially sending the GBP USD exchange rate Northwards from last week’s close of 1.5645.

US Jobs Data Hotly Anticipated

The Non-manufacturing version of the ISM survey follows on Wednesday afternoon and a print of below the expected 57.5 would heap further pressure on the Dollar. However, Greenback-watchers will have to wait until the final session of the week for the centrepiece data set from the US. The Non-Farm Payrolls element of Novembers’ American jobs data will, as ever, be the most closely-monitored data release of the month. Economists expect it to reveal that over 200,000 new jobs were added in the combined non-agricultural sectors of the American economy last month. If this proves to be the case, then it would be the eight month on the trot which has seen this key figure print at above 200,000.

Poor US Non-Farm Payrolls Predicted to Hurt AUD NZD CAD

The flipside of this is that a failure to break the psychologically-key 200,000 barrier would represent a major blow to the Buck. It would have the additional effect of sapping the global market of risk appetite, sending the Pound higher against the Australian Dollar (currency:AUD), New Zealand Dollar (currency:NZD) and the Canadian Dollar (currency:CAD).

Continued Shift Lower Forecast for Commodities

Elsewhere, last week’s crucial decision by OPEC’s 12 member states not to restrict their output of crude oil is likely to ensure further losses for the price of a barrel of ‘black gold’ this week. Expect the Canadian Dollar and the Norwegian Krone (currency:NOK) to ship support as a consequence. Meanwhile, last week’s plunge in the price of iron ore is forecast to weigh heavily on the Australian Dollar throughout the week.

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TAGS: American Dollar Forecasts Australian Dollar Forecasts Canadian Dolla Forecasts