GBP Pound Sterling Exchange Rate Forecast vs Australian Dollar (AUD), EUR, CAD Soft Today

April 28, 2016 - Written by Minesh Chaudhari

STORY LINK GBP Pound Sterling Exchange Rate Forecast vs Australian Dollar (AUD), EUR, CAD Soft Today

The Pound has been uncertain against its peers into the close of the week, owing to still-unresolved issues regarding the tension-inducing UK Referendum vote.

The near-term will see the release of the negatively-forecast Gfk consumer confidence survey for the UK, as well as the more neutrally predicted net consumer credit score for March.

Pound Sterling (GBP) Exchange Rate Outlook Neutral to Negative

The POUND STERLING (currency : GBP) was weighed down during yesterday’s trading session by the publication of UK Gross Domestic Product data which revealed that, as anticipated, the pace of expansion in the domestic economy slowed during the first three months of this year.

Sterling-holders will be looking to Friday’s UK Mortgage Approval data to re-ignite the Pound’s forward momentum; in the meantime, the UK tender is forecast to trade on a NEUTRAL TO NEGATIVE footing.

Australian Dollar (AUD) Exchange Rate Outlook Neutral to Negative

The AUSTRALIAN DOLLAR (currency : AUD) lost ground against all of the other sixteen most actively traded global currencies yesterday following the overnight publication of Q1 Consumer Price Index data which showed a lower level of Australian price rises than had been anticipated.

The release makes it more likely that the Reserve Bank of Australia (RBA) will opt to reduce its headline interest rate next week.

For now, the outlook for the Aussie is NEUTRAL TO NEGATIVE and the GBP AUD exchange rate stands at 1.9174.

Euro (EUR) Exchange Rate Outlook Neutral to Negative

The EURO (currency : EUR) staged a mini-comeback against the Pound yesterday, sending the GBP EUR exchange rate down from close to the 1.3000 threshold into the lower part of the 1.2800s.

A better than anticipated German GfK Consumer Confidence Survey helped the shared currency and data from the Teutonic Powerhouse economy could prove market-moving today; this afternoon’s German Consumer Price Index inflation data is a stand-out release from the euroland.

The euro is forecast to trade on a NEUTRAL TO NEGATIVE footing in the near-term and the GBP EUR exchange rate stands at 1.2830.

Canadian Dollar (CAD) Exchange Rate Outlook Neutral to Positive

The CANADIAN DOLLAR (currency : CAD) continues to hold steady against the other major global tenders thanks to the continuation of oil prices at range-topping levels.

The price of a barrel of Brent Crude edged upwards to close to the $47 level early yesterday – it’s highest since last November.

The price of ‘Black Gold’ peeled back slightly during the afternoon session following this peak, but further gains are forecast, making the outlook for the Loonie NEUTRAL TO POSITIVE.

The current GBP CAD exchange rate stands at 1.8391.

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TAGS: Australian Dollar Forecasts Canadian Dollar Forecasts Euro Forecasts Pound St Forecasts