Pound Sterling (GBP) Exchange Rate Currency vs EUR USD NOK

September 22, 2016 - Written by Ben Hughes

STORY LINK Pound Sterling (GBP) Exchange Rate Currency vs EUR USD NOK

Pound Sterling Holds Firm Vs Euro, US Dollar & Norwegian Krone after Previous Losses

POUND STERLING (currency : GBP) exchange rates held their form yesterday in spite of another poor set of Public Finance figures. With new Prime Minister Teresa May having jettisoned erstwhile Chancellor George Osborne’s plans to balance the budget by the year 2020, Britain’s national balance sheet is in danger of becoming ugly. Meanwhile, the threat of another near-term Bank of England (BoE) interest rate cut hangs over Sterling. The Pound might have recovered from this week's lows but the GBP EUR and GBP USD currency pairs are forecast to trade on a NEGATIVE footing moving forward.

Euro Pound (EUR GBP) Exchange Rate Holding 0.86

The EURO (currency : EUR) held its ground against the Pound and the other most actively traded global currencies yesterday, with the EUR GBP exchange rate holding in the region of 0.86. However, with deflation a seemingly ever-present threat for the euroland economy, this morning’s European Central Bank (ECB) Economic Bulletin will be pored over by analysts for clues on the ECB’s future policy path. In the short term, this afternoon’s whole of Eurozone Consumer Confidence survey is also forecast to be market-moving and the shared currency is expected to trade on a NEUTRAL TO NEGATIVE footing moving forward.

Pound US Dollar Exchange Rate Forecast Improves on Fed Rate Hold

Support for US DOLLAR (currency : USD) exchange rates waned yesterday evening following the Federal Reserve’s announcement that it is maintaining its benchmark interest rate at its current banding of 25 – 50 basis points. However, the shift out of Dollar-denominated assets may not persist as the minutes which accompanied the announcement revealed that three policymakers had voted for a rate hike this month. The outlook for the Greenback is NEUTRAL and the GBP USD exchange rate stands at 1.3004.

Norwegian Krone Exchange Rates Have Neutral Positive Bias

The NORWEGIAN KRONE (currency : NOK) received a boost yesterday afternoon when the latest US Oil Inventory data revealed a weekly fall in crude stocks of some 6.2m barrels. Analysts had been expecting an increase of 3.4m barrels, so the price of a barrel of Crude spiked from the mid-$46s to back above $47. The outlook for the Krone is now NEUTRAL TO POSITIVE and the Sterling NOK exchange rate stands at 10.7720.

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TAGS: Daily Currency Updates Dollar Pound Forecasts Pound Norweg Forecasts