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Pound to Dollar Week Ahead Forecast: USD Volatility Tipped as Biden Withdraws

21 Jul 2024 at 7 PM - Written by John Cameron

During the week, the Pound drew support from a shift in yield spreads in favour of the UK currency. Expectations of a Bank of England August rate cut faded again while markets are now much more confident over a Fed move in September. The Pound to Dollar (GBP/USD) exchange rate hit a 12-month high above 1.30 before a correction to 1.2920. Bank of America considers that a sustained GBP/USD move above 1.29, could lead to...

CATEGORIES: Pound Dollar Forecasts

Pound to Euro Exchange Rate Forecast Ranges: 1.15 to 1.22

21 Jul 2024 at 7 PM - Written by John Cameron

Citigroup forecasts that the Pound to Euro (GBP/EUR) exchange rate will strengthen to 1.22 at the end of 2024. In contrast, after a strong start, ING still forecasts losses to 1.15. GBP/EUR hit a 23-month high just below 1.1930 during the week before a retreat to 1.1870 amid overbought conditions. As far as data is concerned, the headline UK inflation rate held at 2.0% for June compared with expectations for a...

CATEGORIES: Pound Euro Forecasts

GBP/EUR Exchange Rate Retreats from 11-Month Best

21 Jul 2024 at 6 PM - Written by Tim Boyer

The Pound to Euro (GBP/EUR) exchange rate posted a fresh 11-month high just below 1.1930 on Wednesday, but was unable to hold the gains and retreated to just below 1.1900 after the latest UK data as markets continue to debate the outlook for UK interest rates. The headline labour-market data was in line with expectations as the unemployment rate held at 4.4%, the highest reading since October 2021. Provisionally, there...

CATEGORIES: Pound Euro Forecasts

Pound to Dollar FX Outlook: Fed Could Cut Ahead of the Bank of England

18 Jul 2024 at 12 PM - Written by John Cameron

Following further evidence of stubborn UK services-sector inflation, there were fresh doubts over an August Bank of England (BoE) rate cut in August while markets are increasingly confident that the Fed will cut rates in September. The shift in expectations triggered fresh Pound gains with the Pound to Dollar (GBP/USD) exchange rate managing to break above 1.30 to a 12-month high at 1.3045. Bank of America notes that...

CATEGORIES: Pound Dollar Forecasts

The Pound to Euro Rate Consolidates Below 11-Month Best

16 Jul 2024 at 12 PM - Written by John Cameron

The Pound to Euro (GBP/EUR) exchange rate hit 11-month highs at 1.1920 on Monday before consolidating around 1.1895 on Tuesday. COT data released by the CFTC reported a fresh surge in long, non-commercial Sterling positions to just under 85,000 in the latest week from 62,000 the previous week and the largest long position on record. As far as Euro positioning is concerned, there was a small net positive position after a...

CATEGORIES: Pound Euro Forecasts

Pound Sterling Climbs vs Euro, Dollar Despite Trump Assassination Attempt

16 Jul 2024 at 12 PM - Written by David Woodsmith

The Pound has maintained a robust tone in global markets with the Pound to Dollar (GBP/USD) exchange rate hitting 11-month highs just below the crucial 1.3000 level. US politics and UK inflation data will be very important elements this week. There has been no major reaction to the assassination attempt on former President Trump over the weekend with traders able to take a measured stance given that it occurred when...

CATEGORIES: Pound Sterling Forecasts

Pound to Dollar 2024-2025 Forecast: GBP/USD Exchange Rate to Gain to 1.35 Next Year

14 Jul 2024 at 7 PM - Written by David Woodsmith

BNP Paribas expects the Pound to Dollar (GBP/USD) exchange rate to struggle in the short term, but expects gains to 1.35 at the end of next year. RBC Capital Markets, however, expects a steady retreat to 1.23 at the end of this year with further losses to 1.19 at the end of 2025. Pound sentiment has remained firm during the week while the dollar has come under pressure. UK GDP data for May was stronger than expected...

CATEGORIES: Pound Dollar Forecasts

Pound to Euro Exchange Rate Forecast: 1.2050 by End of 2024

14 Jul 2024 at 7 PM - Written by John Cameron

Foreign exchange analysts at BNP Paribas expect that the Pound to Euro (GBP/EUR) exchange rate will strengthen to 1.2050 at the end of 2024. In contrast, after initial stability, ING expects a slide to 1.1365 on a 12-month view. During the week GBP/EUR strengthened to 23-month highs around 1.1915 amid fresh doubts over an August Bank of England (BoE) rate cut. In latest comments, BoE chief economist Pill stated that...

CATEGORIES: Pound Euro Forecasts

US Inflation of -0.1% Drops Dollar Exchange Rates

13 Jul 2024 at 2 PM - Written by David Woodsmith

US CPI in June was expected to be soft, but the readings were even better than estimates. Taken in context of Fed Chair Powell’s comments this week, a rate cut is now almost certain in September. Stocks have been higher every day this week and are set for further gains, while the US dollar has dropped to the June lows. Thursday’s US CPI report had a lot to live up to as US stock markets have been climbing...

CATEGORIES: American Dollar Forecasts

Pound to Dollar Forecast: Will 4-Month Best Hold for GBP/USD Buyers?

12 Jul 2024 at 8 AM - Written by David Woodsmith

Stronger than expected GDP data and hawkish Bank of England (BoE) rhetoric has triggered renewed Pound gains in global markets. The Pound to Dollar (GBP/USD) exchange rate hit 4-month highs at 1.2870 and close to 11-month highs. US inflation data will be a key element for GBP/USD later in the day. A sustained move above 1.2860 could trigger a move to 1.30. UK GDP increased 0.4% for May after no growth in April and...

CATEGORIES: Pound Dollar Forecasts