July 30, 2015 - Written by Toni Johnson
STORY LINK British Pound Sterling Foreign Exchange Forecast GBP VS EUR USD JPY Today
GBP Currency Market Predictions: Pound Could Rally on Improved Consumer Confidence
The POUND STERLING (currency : GBP) performed with credit yesterday thanks to a relatively strong set of domestic Mortgage Approval and Net Consumer Credit statistics. Today brings a blank session for British data releases, but tonight’s GfK Consumer Confidence Survey of domestic economic participants could prove to be market moving. A showing of 5 is anticipated – anything less than this and Sterling is likely to endure a NEUTRAL TO NEGATIVE day.
Negative Outlook Forecast for EUR to GBP Conversion Rate Trading
Yesterday’s German GfK Consumer Confidence Survey printed exactly as per expectations at 10.1, but this result wasn’t enough to stop the EURO (currency : EUR) sliding once more against the Pound Sterling. Euro-holders will once again be focussing on Germany during today’s session; look out for this morning’s German jobs data to alter levels for the shared currency and this afternoon’s Teutonic inflation numbers to provide further direction.
The outlook for the euro is NEGATIVE and the GBP EUR exchange rate stands at 1.4162. FOMC Statement Impacts US Dollar (USD) Exchange Rate Trading
The US DOLLAR (currency : USD) benefitted from a go-ahead assessment of the state of the American economy from the Federal Reserve contained in the monetary policy statement which it published yesterday. Fed policymakers’ description of the improvement in the local jobs market as ‘solid’ helped the Buck as did their assertion that US inflation will rise towards the US government’s 2% target. A rate hike for 2015 now appears almost nailed on.
The forecast for the Greenback is NEUTRAL TO POSITIVE and the GBP USD exchange rate stands at 1.5591.
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JPY to USD, GBP Conversion Rate Predictions Today
The JAPANESE YEN (currency : JPY) continues to perform meekly in the global currency markets. Yesterday morning’s Japanese Small Business Confidence survey for July showed a welcome improvement on the previous month, but the latest Retail Trade figures, published earlier in the day, missed expectations. Tonight’s Japanese Industrial Production numbers are likely to prove market-moving – in the meantime, the Yen is forecast to trade on a NEGATIVE FOOTING.
The GBP JPY exchange rate stands at 193.470.
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TAGS: Currency Predictions Euro Forecasts Japanese Yen Forecasts Pound Do Forecasts