Currency News

Daily Exchange Rate Forecasts & Currency News

Pound Sterling Forecast - GBP vs Canadian Dollar and Norwegian Krone Exchange Rates

February 2, 2015 - Written by John Cameron

Today's Exchange Rate Forecasts for Pound Sterling to euro, Aus Dollar, Norwegian Krone, New Zealand Dollar and Canadian Dollar



Global investor sentiment continued to wobble during today’s session as Greece’s new Finance Minister Yanis Varoufakis pressed on with his whistle stop tour of the European Union’s financial centres.

The reaction which his trip has engendered has been decidedly mixed; the UK’s Chancellor of the Exchequer George Osborne sternly advised Varoufakis to ‘act responsibly’ in his dealings with the EU / IMF / ECB ‘Troika’ when the pair met earlier today.

He also described the ongoing détente between Athens and Brussels as a ‘rising threat’ to the UK economic recovery. British equities traders did not appear too bothered by Osborne’s assessment of the situation – London’s headline FTSE 100 index ended the day up by a moderately respectable 0.49%.

Where Does the Pound Stand vs the Major Exchange Rates?

The Pound to Australian Dollar exchange rate today is converting -0.6 per cent lower at 1.92715 GBP/AUD.
The Pound to Canadian Dollar exchange rate converts -1.28 per cent lower at 1 GBP is 1.88965 CAD.
The Pound to Euro exchange rate today is converting -0.64 per cent lower at 1.32548 GBP/EUR.
The Pound to Japanese Yen exchange rate converts +0.02 per cent higher at 1 GBP is 176.80588 JPY.
The Pound to Norwegian Krone conversion rate is -1.27 pct lower at 11.50214 GBP/NOK.
The Pound to New Zealand Dollar exchange rate converts -0.86 per cent lower at 1 GBP is 2.05884 NZD.
Advertisement
The Pound to US Dollar exchange rate is -0.32 pct lower with a conversion rate of 1 GBP equals 1.50356 USD.

Pound Falls vs Euro, Australian Dollar, Canadian Dollar & NZ Dollar Exchange Rates



However, Osborne’s warning to the EU that it must do more to promote economic growth and generate jobs in the euro area appeared to hinder the Pound Sterling (currency:GBP) on the day.

The Pound shed the best part of a percentage point against the euro (currency:EUR), sending the GBP EUR exchange rate down to an intraday low of 1.3221.

Sterling gave up an even larger percentage amount against the high yielding Australian Dollar (currency:AUD), New Zealand Dollar (currency:NZD) and the Canadian Dollar (currency:CAD).

Pound to Canadian Dollar Exchange Rate Forecast



Sterling’s losses against the Canadian Dollar were particularly pronounced, with GBP CAD dropping by 1.23% on the session.

A clue to the driver behind this move was provided by price action for the Sterling to Norwegian Krone exchange rate on the day; GBP NOK fell by a heady 1.39% on the session as the price of a barrel of oil continued the upward move which it began during Friday trading.

Brent Crude traded up by 1.3% to $53.65 per barrel, having touched $55 during early trading. A barrel of crude was trading at just above the $46 threshold as recently as the second week of last month.

If speculators are correct, and wholesale oil prices have now bottomed out, then analysts are likely to begin to downgrade their forecast for the future performance of the Pound Sterling against both the Norwegian unit and the Canadian Dollar.
Like this piece? Please share with your friends and colleagues:

International Money Transfer? Ask our resident FX expert a money transfer question or try John's new, free, no-obligation personal service! ,where he helps every step of the way, ensuring you get the best exchange rates on your currency requirements.


TAGS: Canadian Dollar Forecasts Currency Predictions Euro Forecasts Euro Forecasts

Comments are currrently disabled