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Pound Sterling Exchange Rate Forecast & GBP Vs EUR NOK USD News

August 25, 2016 - Written by Minesh Chaudhari

Pound Sterling Exchange Rate Bias Neutral



POUND STERLING (currency : GBP) exchange rates enjoyed their best day in the currency markets for some weeks yesterday as investors continued to factor in the ‘not as bad as it could have been’ nature of last week’s post-Brexit British data releases. Yesterday’s figures from the British Banking Association confirming that UK consumers continued to spend heavily on their credit cards increased the strength of the tailwind behind the Pound which is now forecast to trade with a NEUTRAL bias moving forward.

Are Further Gains for GBP EUR Forecast?



The EURO (currency : EUR) lost ground against both the Pound (GBP) and the US Dollar (USD) yesterday in spite of the release of official figures suggesting that the German economy expanded at a year-on-year 3.1% during the three months to the end of June. This morning’s German IFO business survey data will provide the shared currency with further direction, as will tomorrow’s French GDP data. The outlook for the euro is NEUTRAL TO NEGATIVE and the GBP EUR exchange rate stands at 1.1760.

Norwegian Krone (NOK) Exchange Rates Struggle on Oil Price Slump



Global oil prices slumped yesterday, sending the NORWEGIAN KRONE (currency : NOK) sharply lower in the markets. The price of a barrel of Brent Crude slid from close to the $50 level down into the mid-$48s following the publication of the weekly Oil Inventories data in the States and the Krone lost ground as a consequence. With the price of a barrel of Crude struggling to hold above its key level of resistance at $50 the outlook for NOK is NEUTRAL TO NEGATIVE. The GBP NOK exchange rate stands at 10.8920.

Pound Sterling to US Dollar (GBP/USD) Predictions: Fed Speech Ahead



The US DOLLAR (currency : USD) posted a relatively poor performance in the markets yesterday, dropping by around half a percentage point against Sterling. The Buck lost ground following the publication of figures from the National Association of Realtors which found that sales of existing US homes fell more than expected last month. Futures markets are now pricing-in only a 24% implied probability that the US Federal Reserve will hike the cost of borrowing Stateside at next month’s meeting. Analysts forecast that the Greenback will trade on a NEUTRAL TO NEGATIVE footing as a consequence and the GBP USD exchange rate currently sits at 1.3245.

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