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British Pound Foreign Currency Forecast: Sterling Gaining on EUR USD, NZD Hits Fresh Lows against Sterling

June 18, 2015 - Written by John Cameron

GBP/NZD Close to 6-Year High, GBP/EUR back to 1.40



With Sterling sentiment supported by the recent positive UK ecostats and the New Zealand Dollar pressured by Reserve Bank of New Zealand (RBNZ) interest rate hike expectations, the GBP/NZD exchange rate remained trending close to a six-year high on Friday. The GBP/EUR currency pair also achieved a high of 1.40 on the expectation that a Grexit is the most likely outcome of the current negotiations.

Earlier...

GBP Gains on EUR, NZD, USD after BOE Minutes, Pound Sterling Outlook Positive Today



The latest Bank of England (BoE) monetary policy committee meeting notes, published yesterday, revealed that once again all nine committeemen had voted to keep Base Rate at its current record low. However, the impression still persists that the BoE may be one of the first major global central banks to hike its interest rate; the Pound managed to record gains against nearly all of the other sixteen most actively traded global currencies on the day and the outlook for Sterling is NEUTRAL TO POSITIVE.

EUR/GBP, EUR/USD, EUR/AUD Exchange Rates Could Fall if Greek Default Occurs



The EURO (currency:EUR) remains anchored by fears that Greece is about to succumb to a disorderly debt default. Analysts hold out little hope that today’s meeting between the delegation from Athens and the eurogroup will bring any movement, in spite of the Bank of Greece’s pleas for a deal to be arrived at. The situation is becoming a litmus test for the euroland project as a whole and at this time it appears to be a test which may be failed. The euro is forecast to trade on a NEGATIVE bias moving forward.

The GBP EUR exchange rate stands at 1.3960.

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FOMC Statement Puts US Dollar (USD) Under Selling Pressure, GBP/USD Hits Best Rate



The US DOLLAR (currency:USD) suffered significant selling pressure yesterday evening following comments contained in the latest Federal Reserve monetary policy announcement. The Fed’s suggestion that further improvement is required in America’s jobs market before a domestic interest rate hike could be countenanced held back the Buck and is likely to continue to do so during coming weeks. A Fed rate increase now appears unlikely for September; the forecast for the Greenback is NEUTRAL TO NEGATIVE and the GBP USD exchange rate stands at 1.5818.

NZD Drops to Lowest Levels Against GBP after GDP



The NEW ZELAND DOLLAR (currency:NZD) plunged to fresh medium term lows against the Pound Sterling during yesterday’s session, with the GBP NZD exchange rate climbing to close to the 2.3000 threshold. The Kiwi was already under pressure thanks to the Reserve Bank of New Zealand’s early month rate cut and continued fears on the day regarding a potential Grexit held back the Commodity Dollars as a bloc. The Kiwi is forecast to trade on a NEUTRAL TO NEGATIVE footing moving forward.

The GBP NZD exchange rate stands at 2.2736.
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