FX Forecast for British Pound Sterling vs Euro, US Dollar & Canadian Dollar

June 9, 2015 - Written by John Cameron

STORY LINK FX Forecast for British Pound Sterling vs Euro, US Dollar & Canadian Dollar

The POUND STERLING (currency:GBP) enjoyed marginal gains against nearly all of the other sixteen most actively traded global currencies during today’s session. Much stronger than anticipated April Trade Balance numbers helped the UK unit on the day, but tomorrow morning’s domestic Industrial and Manufacturing Production figures are by no means guaranteed to be so kind to the Pound. Analysts forecast that the UK unit will perform on a NEUTRAL footing moving forward.

The EURO (currency:EUR) put in a strong showing during early trading following comments from Greek Prime Minister Alexis Tsipras suggesting that a debt deal for his troubled nation is close at hand. However, support for the shared currency has ebbed since the New York opening bell, showing that investors are still wary of holding any surplus of euro-denominated assets. The outlook for the single currency remains NEGATIVE and the GBP EUR exchange rate sits at 1.3630.

The US DOLLAR (currency:USD) has once again failed to break into positive territory against the other major global tenders today. Despite last week’s encouraging US jobs numbers, market participants remain unconvinced that the Federal Reserve will be hiking its lead interest rate this side of Christmas. While this remains the case, the Greenback is expected to trade with a NEUTRAL TO NEGATIVE bias. The GBP USD exchange rate stands at 1.5330.

Support for the CANADIAN DOLLAR (currency:CAD) surged during today’s session following a jump in the global price of a barrel of crude oil. The fetching price for ‘Black Gold’ traded up by almost 4% at one point as investors factored-in a high percentage chance that the People’s Bank of China will be further loosening its monetary policy in the near term. The outlook for the Loonie is now NEUTRAL TO POSITIVE and the GBP CAD exchange rate has settled at 1.8955.

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