British Pound Sterling GBP Exchange Rate Forecast against EUR USD CAD

October 19, 2015 - Written by John Cameron

STORY LINK British Pound Sterling GBP Exchange Rate Forecast against EUR USD CAD

GBP Newsflash: GBP Rebounds Following UK Jobs Data, Neutral Pound Forecast

The POUND STERLING (currency : GBP) staged a strong comeback in the global currency markets during the second half of last week’s session following Tuesday morning’s revelation from the Office of National Statistics that the UK economy had once again slipped into deflation. Strong domestic jobs figures helped Sterling improve, however Wednesday’s British public finances stats will severely test this move. Analysts forecast that the Pound will perform on a NEUTRAL TO POSITIVE footing moving forward.

Euro Outperforms Pound Sterling Exchange Rate

The EURO (currency : EUR) outperformed the Pound Sterling during early trade last week. However, two major factors are forecast to anchor the shared currency’s performance during the week ahead; continued falling prices in the euroland and the suggestion from ECB ratesetter Ewald Nowotny that his Bank could increase the scope of its ongoing Quantitative Easing programme. The euro is forecast to trade with a NEUTRAL TO NEGATIVE bias moving forward and the GBP EUR exchange rate stands at 1.3470.

Forex News: US Confidence Survey Boosts USD Conversion Rate

Friday afternoon’s Michigan Confidence survey provided the US DOLLAR (currency : USD) with a shunt in the right direction, printing at above the anticipated 89.0 level. However, it had been a poor week for the Buck as investors pared their expectations for a 2015 US interest rate hike – futures markets are now pricing in only a 30% chance of a tightening of policy from the Fed this year. The GBP USD exchange rate stands at 1.5430 and the outlook for the Buck is now NEUTRAL TO POSITIVE.

Canadian Dollar Exchange Rate Firms Now, GBP/CAD Down from Best Rates

The CANADIAN DOLLAR (currency : CAD) has firmed against Sterling during recent weeks as market movements suggested that the global oil market may have bottomed out. Wednesday’s Bank of Canada (BoC) policy announcement may signal an end to this forward move for the Loonie, if Canada’s policymakers hint that another rate cut could be on its way. Friday’s domestic inflation numbers will also affect levels of support for the Canadian unit which is forecast to perform on a NEUTRAL TO NEGATIVE footing moving forward. The GBP CAD exchange rate stands at 1.9960.

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