Forecast Data Highlights for Pound Sterling GBP Currency Markets: Week Beginning 3rd August

July 31, 2015 - Written by John Cameron

STORY LINK Forecast Data Highlights for Pound Sterling GBP Currency Markets: Week Beginning 3rd August

GBP to USD Conversion Rate Trends in the Region of 1.56 Today

The Pound Sterling (currency : GBP) put in a lacklustre performance against the other sixteen major global currencies during today’s session. The Pound euro exchange rate slid to as low as 1.4090 GBP EUR during the middle part of this afternoon’s European session, while The GBP USD exchange rate dropped into the middle part of the 1.5500 – 1.5600 range.

Pound Forecast to Fluctuate against EUR, USD, AUD This Week

Most analysts put the move for the Pound Sterling down to a concerted round of ‘profit taking’ from investors during light summer trading volumes following a decent near-term move forward. The general view of market insiders is that Sterling will bounce back during the early part of next week’s session, but as always the Pound’s performance will be relative. Analysts forecast that movement for the Pound against leading tenders including the euro (currency : EUR), US Dollar (currency : USD) and Australian Dollar (currency : AUD) will come down to the respective tier one data releases from the economies in question.

Exchange Rate Predictions: US ISM Could Impact Currency Market Movement this Week

An important week for US data releases brings July’s ISM Manufacturing survey on Monday afternoon and the latest edition of the closely-monitored Non-Farm Payroll employment figures on Friday afternoon. The jobs numbers will be of particular significance, give the US Federal Reserve’s assertion earlier this week that any US interest rate hike is predicated on ‘further improvement’ in the nation’s labour market.

Tuesday’s session brings the latest Reserve Bank of Australia monetary policy decision; although ‘no change’ in rates is expected from the RBA, the tone of the language used in its accompanying statement will be crucial for the Pound Sterling Australian Dollar exchange rate (GBP to AUD). Any hint that further rate cuts will be on the way before the year end will send the GBP AUD exchange rate higher.
Elsewhere, Tuesday also sees the release of Q2 New Zealand inflation data. The New Zealand Dollar (currency : NZD) has been one of the worst performing currencies in the global markets since Easter., With the jobs data expected to point to an increase in the overall level of joblessness in Kiwiland, the near-term forecast for the New Zealand Dollar is firmly negative.

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