Exchange Rate Forecasts for Pound to Euro (EUR), Canadian Dollar (CAD) and US Dollar (USD)

February 15, 2015 - Written by John Cameron

STORY LINK Exchange Rate Forecasts for Pound to Euro (EUR), Canadian Dollar (CAD) and US Dollar (USD)

Today's Currency Forecasts for the Pound Sterling to Euro, Australian Dollar and the US Dollar Exchange Rates

The POUND STERLING (currency:GBP) market outperformed against most of the other major global currencies during today’s session.

The tenders which the Pound struggled against in relative terms were the Commodity Dollars, which recorded gains against Sterling thanks to a generalised improvement in global risk sentiment.

At the moment, the UK unit is benefitting from Bank of England Governor Mark Carney’s midweek suggestion that a British interest rate hike may not be far off. The outlook for the Pound is NEUTRAL.

Latest Exchange Rates Today (16/02/2015)

The Pound to Australian Dollar exchange rate today is converting -0.31 per cent lower at 1.97755 GBP/AUD.
The Pound to Canadian Dollar exchange rate today is converting -0.16 per cent lower at 1.91535 GBP/CAD.
The Pound to Swiss Franc exchange rate today is converting -0.27 per cent lower at 1.43155 GBP/CHF.
The Pound to Euro conversion rate is +0.17 pct higher at 1.35367 GBP/EUR.
The Pound to New Zealand Dollar exchange rate is -0.45 pct lower with a conversion rate of 1 GBP equals 2.05054 NZD.
The Pound to US Dollar exchange rate today is converting -0.29 per cent lower at 1.53582 GBP/USD.

Woes Persist for Euro Exchange Rate

Support for the EURO (currency:EUR) has stabilised during today’s session.

The mood music emanating from Brussels during the past 24hrs suggests that the European Union may be preparing to, at least in part, positively receive Greece’s request for a loosening of its bailout terms.

However, with the European Central Bank’s €1.14tn Quantitative Easing programme beginning next month, investors remain extremely wary of holding euro-denominated assets.

The GBP EUR exchange rate stands at 1.3504 and the forecast for the single currency remains NEGATIVE.

US Dollar Exchange Rate Forecast

The US DOLLAR (currency:USD) has given up further ground against the other major global tenders during trading today.

A far weaker than anticipated University of Michigan Confidence survey, published a short time ago, added to the impression that the US economy is not as strong as America’s stock markets might suggest.

Yesterday’s disappointing domestic jobs numbers had a similar effect. Analysts now forecast that the Dollar’s bull run may be nearing an end and the Buck is expected to trade on a NEUTRAL footing moving forward. GBP USD stands at 1.5394.

Has Move Against the Canadian Dollar Petered Out?

The CANADIAN DOLLAR (currency:CAD) has traded into positive territory against Sterling so far today, sending the GBP CAD exchange rate down to an intraday low of 1.9147.

This week’s peak of 1.9364 for the pair represented its highest level for almost 6 ½ years; however, a renewed forward move in oil prices today, which has seen the price of a barrel of Brent Crude come close to $60 today, could mean that this rate remains unsurpassed for some time.

The forecast for the Loonie is NEUTRAL TO NEGATIVE and many commentators are suggesting that the move against the CAD may have reached a conclusion.

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