Latest Currency News Continued - page 9

Commerzbank has modestly lowered its EUR/USD forecasts due to a reassessment of US monetary policy, now anticipating fewer rate cuts than previously expected and the market currently prices in. “We now expect the EUR/USD exchange rate to be around 1.1000 at the end of 2024 (previously: 1.1200) and around 1.0800 at the end of 2025 (previously: 1.1000).” According to the bank; “The main reason for the change in...

Bank of America analysts expect the Pound to Dollar exchange rate (GBP/USD) to strengthen to 1.37 at the end of 2024. Credit Agricole sees scope for near-term Pound backing, but expects that GBP/USD will retreat to 1.25 at the end of the year. The main focus was on bond and equity markets during the week. There were strong gains on Wall Street with the S&P 500 index posting a fresh record high on the back of a further...

Bank of America (BoA) analysts forecast that the Pound to Euro exchange rate (GBP/EUR) will strengthen to 1.1905 at the end of 2024. In contrast, after an initial firm tone, ING expects GBP/EUR to weaken to 1.1365 on a 12-month view. GBP/EUR dipped to 3-week lows below 1.1660 during the week before a recovery to 1.1715 on Friday. AD: Sending Money Abroad? Lock in the best transfer rates on your overseas...

The Pound to Dollar exchange rate (GBP/USD) has been able to make headway on Thursday, although there has been an element of head scratching over market trends and GBP/USD has not been able to regain the 1.2700 level. Wall Street posted strong gains on Thursday with a further surge in Nvidia pushing the S&P 500 index to a fresh record high. Gains in equities helped underpin the Pound, but there were concerns that the...

The Pound to Euro exchange rate (GBP/EUR) found support below 1.1670 on Thursday and rallied to the 1.1700 area. Overall risk conditions were broadly favourable which helped underpin Sterling and GBP/EUR traded just above 1.1700 on Friday. According to ING, GBP/EUR can secure limited net gains on interest rate expectations. It noted; “we have some doubts the [EUR/GBP] pair can rally further in the near term, as markets...

The Pound to Dollar exchange rate (GBP/USD) jumped to 20-day highs above 1.2700 in early Europe on Thursday, but failed to hold the gains and retreated sharply to around 1.2620. US data was mixed, but the narrative of strong US asset prices was reinforced by another round of strong Wall Street gains as the S&P 500 index posted a fresh record high. Although strong risk appetite can weaken the dollar, the US currency...

The Euro (EUR) spiked higher after the French PMI business confidence data beat expectations with the Euro to Dollar exchange rate jumping to 20-day highs just below 1.0890. The subsequent data was less convincing with particular concern over the German manufacturing sector. Evidence of stronger inflation in the data also curbed optimism surrounding the potential for early global interest rate cuts. In this context,...

The Pound to Dollar exchange rate (GBP/USD) was unable to hold 1.2650, but has held above 1.2600 and settled around 1.2620 on Wednesday. Fiscal and monetary policy expectations will continue to have an important impact on the Pound with evidence of divergence tending to limit Pound buying. According to ING; “A softer dollar environment could see GBP/USD edge up to 1.2670/80 today, but we would not chase the move...

The Pound to Euro exchange rate (GBP/EUR) dipped to 4-week lows just below 1.1660 on Tuesday before a tentative recovery to 1.1680. Global central bank interest rate expectations will remain a crucial element for global currency markets with some Euro support as confidence in an April ECB rate cut faded. GBP/EUR can make headway if there is firm UK PMI business confidence data on Thursday. According to Jane Foley,...

The Pound to Dollar exchange rate (GBP/USD) moved above the 1.2600 level on Tuesday. As the dollar dipped lower, GBP/USD posted 2-week highs just below 1.2670 before settling just below 1.2650. According to Scotiabank there is no sign of an imminent breakout with resistance around 1.2685; “Recent sterling losses towards 1.25 have attracted better demand and scope for significant GBP weakness looks limited in the...