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Currency News: UK daily forex news and forecasts

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Pound to Dollar Exchange Rate Forecast: Retreat from 3-Month Best

14 Jun 2024 at 9 AM - Written by David Woodsmith

Pound Sterling took advantage of dollar losses after the latest US inflation data with the Pound to Dollar (GBP/USD) exchange rate jumping to 3-month highs at 1.2860. The dollar recovered after a relatively hawkish Federal Reserve policy decision and GBP/USD retreated to 1.2775 on Thursday with no major impact from UK data releases. US developments and interest rate expectations will remain very important with UK markets...

CATEGORIES: Pound Dollar Forecasts

US Dollar Under Pressure Despite a Relatively Hawkish FOMC Meeting

13 Jun 2024 at 9 AM - Written by John Cameron

The US dollar dropped sharply on Wednesday and is trading near the April/May lows. The FOMC meeting was relatively hawkish but was overshadowed by the CPI report which showed slowing inflation. Only one Fed rate cuts is projected this year and the neutral rate has been revised higher. It isn’t at all obvious on Wednesday’s charts, but the FOMC meeting was relatively hawkish. Despite this, the S&P500 closed...

CATEGORIES: Pound Dollar Forecasts

UK GDP Data Fails to Dent Best Pound to Euro Exchange Rate in 22 Months

12 Jun 2024 at 10 PM - Written by John Cameron

The Euro has stabilised in markets, although there is still an important element of political uncertainty surrounding France. Meanwhile, there was a muted reaction to the latest UK GDP data. The Pound to Euro (GBP/EUR) exchange rate has maintained a strong tone and close to 22-month highs around 1.1865. According to the ONS, UK GDP was unchanged in April after a 0.4% increase the previous month and in line with...

CATEGORIES: Pound Euro Forecasts

Pound Sterling Resilient vs Euro and Dollar Despite Cooling Labour Market

11 Jun 2024 at 3 PM - Written by John Cameron

There was a muted reaction to the mixed UK labour-market data, but markets considered that an August Bank of England (BoE) rate hike was slightly more likely. The Pound edged lower, but the Pound to Dollar (GBP/USD) exchange rate held above June lows below 1.2700 and traded around 1.2725. Activity is likely to be relatively limited ahead of major US developments on Wednesday, but GBP/USD is liable to drift...

CATEGORIES: Pound Sterling Forecasts

Far-Right Election Gains See Pound to Euro Exchange Rate at 22-Month Best

10 Jun 2024 at 1 PM - Written by John Cameron

The Pound to Euro (GBP/EUR) exchange rate pushed through key resistance at 1.1765 on Friday as the Euro dipped more than the Pound following the US jobs data. GBP/EUR gains accelerated in Asia on Monday after the latest European elections and French President Macron’s election gamble. Rabobank still considers that the Pound can make further headway; “In our view, GBP’s gentle recovery is likely to remain a theme...

CATEGORIES: Pound Euro Forecasts

EUR/USD Forecast, News: US Data Derails the Euro Exchange Rates

9 Jun 2024 at 1 PM - Written by Frank Davies

MUFG forecasts that the Euro to Dollar (EUR/USD) exchange rate will strengthen to 1.12 by March 2025. Barclays, however, is still expecting a retreat to the 1.05-1.06 area this year. EUR/USD was resilient after the ECB rate cut, but posted sharp losses after stronger than expected US employment data with a slide to near 1.08 from 1.09. US non-farm payrolls increased 272,000 for May, much higher than consensus...

CATEGORIES: Euro Dollar Forecasts

Pound to Dollar Exchange Rate Forecast: Markets Expect Labour Landslide

9 Jun 2024 at 1 PM - Written by David Woodsmith

SocGen forecasts that the Pound to Dollar (GBP/USD) exchange rate will slide to 1.18 at the end of 2024 amid persistent dollar strength and a vulnerable Pound. MUFG, however, expects gains to just above 1.30 as the US currency loses ground. US data for most of the week was mixed with further evidence of a weaker labour market while there was a stronger than expected reading for the services-sector business confidence...

CATEGORIES: Pound Dollar Forecasts

Pound to Euro Week Ahead Forecast: 1.1240 - 1.2050 Ranges, Which is More Likely?

9 Jun 2024 at 1 PM - Written by John Cameron

Foreign exchange strategists at SocGen forecast that the Pound to Euro exchange rate (GBP/EUR) will weaken to 1.1240 by the first quarter of 2025. In contrast, Barclays expects GBP/EUR to strengthen to 1.2050 at year-end and hold this level at the end of next year. The Euro was resilient after the ECB rate cut, but again tested key resistance around 1.1765 on Friday. The ECB cut all interest rates by 25 basis points...

CATEGORIES: Pound Euro Forecasts

ECB Decision: Pound to Dollar Rate Needs Hawkish Guidance to Break Above 1.28

7 Jun 2024 at 8 AM - Written by John Cameron

The Pound to Dollar exchange rate (GBP/USD) has again been unable to hold above the 1.2800 level and traded around 1.2780 on Thursday. Domestic developments have remained limited with the 80th anniversary of D-Day commemorations taking immediate heat out of the General Election campaign. Global developments are again likely to remain dominant on Thursday. The ECB policy decision will be important for European...

CATEGORIES: Pound Dollar Forecasts

Pound Sterling Unable to Hold 11-Week Best Rate Against US Dollar

5 Jun 2024 at 7 AM - Written by John Cameron

The Pound to Dollar exchange rate (GBP/USD) briefly hit 11-week highs just below 1.2820 around Tuesday’s European open as the dollar index (DXY) retreated to 8-week lows and touched the 104.00 level. The Pound failed to hold the gains and retreated to around 1.2780 as the dollar recovered ground against European currencies with DXY rallying to 104.20. Weak US data could trigger a fresh GBP/USD attack on resistance...

CATEGORIES: Pound Dollar Forecasts