Currency News

Daily Exchange Rate Forecasts & Currency News

British Pound Sterling GBP Exchange Rate Outlook vs EUR USD CAD, UK Trade Data Ahead

August 7, 2015 - Written by David Woodsmith

BoE Announcements Drive Pound Sterling (GBP) Exchange Rate Lower against EUR, USD, CAD



The POUND STERLING (currency : GBP) was hampered by negative forecasts and comments from the Bank of England (BoE) yesterday. BoE Governor Mark Carney’s assertion that the UK’s inflation outlook was ‘muted’ is likely to weigh down the British unit moving forward. With only one of the BoE’s nine man policy committee voting for a rate hike this month, the Pound is forecast to perform on a NEUTRAL TO NEGATIVE footing moving forward.

Currency Market News: Euro Gains on Pound (EUR/GBP), Falls against US Dollar (EUR/USD)



The EURO (currency : EUR) bullied the Pound but gave up a little ground against the Buck during yesterday’s trading session. A better than anticipated set of German Factory Orders data helped the shared currency kick off the day on an upbeat note and an encouraging German Retail PMI survey also helped. If this afternoon’s American jobs figures disappoint, then the euro is poised to improve – analysts forecast that the single currency will trade on a NEGATIVE bias moving forward.

The GBP EUR exchange rate stands at 1.4195.

US Jobs Data Predicted to Impact USD/CAD, USD/GBP Trading



A mixed bag of American jobs data this afternoon has held back the US DOLLAR (currency : USD) on the day. The Continuing Claims element of the weekly labour market figures disappointed but the Initial Claims reading bettered expectations. The near-term outlook for the Buck will be determined by this afternoon’s US Non-Farm Payrolls numbers – in the meantime, expect the Greenback to trade on a NEUTRAL TO POSITIVE footing.

The GBP USD exchange rate stands at 1.5518.

Advertisement

Canadian Dollar Recovers from 7-Year Low before Employment Report



The CANADIAN DOLLAR (currency : CAD) continues to struggle against the other sixteen most actively traded global currencies. With wholesale oil prices continuing to loiter at close to multi-year lows, this situation is likely to persist. A marked improvement in the tone of data emerging from China will be required to prop up both the Loonie and the price of a barrel of crude; while we wait for such a move, the forecast for the Canadian unit is NEGATIVE. The GBP CAD exchange rate stands at 2.0391.
Like this piece? Please share with your friends and colleagues:

International Money Transfer? Ask our resident FX expert a money transfer question or try John's new, free, no-obligation personal service! ,where he helps every step of the way, ensuring you get the best exchange rates on your currency requirements.


TAGS: Daily Currency Updates Dollar Pound Forecasts Euro Forecasts

Comments are currrently disabled