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Currency News: UK daily forex news and forecasts

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Pound to Dollar Rate: "Struggled to Extend through 1.2700"

27 Feb 2024 at 8 PM - Written by David Woodsmith

The Pound to Dollar exchange rate (GBP/USD) was again unable to break the 1.2700 level on Tuesday and retreated to near 1.2660 after the New York open before settling around 1.2675. GBP/USD needs to break 1.2700 to make further headway with markets looking at month-end trading to break the deadlock. The dollar secured a net gain despite a significant decline in US consumer confidence. Position adjustment will be...

CATEGORIES: Pound Dollar Forecasts

Pound to Euro Exchange Rate Under 1.17 on Hints of Euro-Zone Recovery

27 Feb 2024 at 8 PM - Written by John Cameron

The Pound to Euro exchange rate (GBP/EUR) has continued to consolidate below the 1.1700 level and traded close to 1.1685 in early Europe on Tuesday. The Pound has been underpinned by low volatility in global markets, but overall ranges have remained narrow. The Euro has also been protected by hopes for a revival in the Euro-Zone economy and doubts whether the ECB will sanction a near-term rate cut. The British Retail...

CATEGORIES: Pound Euro Forecasts

US Dollar Drifts Lower as Volatility Collapses, Pound Rate Edges Higher

26 Feb 2024 at 9 PM - Written by Frank Davies

The Pound to Dollar (GBP/USD) exchange rate has edged higher during Monday, although the main feature has again been very narrow ranges with resistance at the 1.2700 level and consolidation around 1.2680. The dollar overall has drifted lower against European currencies with low volatility encouraging flows out of the US currency. Month-end position adjustment could undermine GBP/USD over the next 24-36 hours amid...

CATEGORIES: Pound Dollar Forecasts

New Zealand Dollar Retreats Ahead of Huge RBNZ Rate Decision This Week

26 Feb 2024 at 9 PM - Written by David Woodsmith

The New Zealand dollar lost ground on Monday with a significant element of position adjustment ahead of Wednesday’s Reserve Bank of New Zealand (RBNZ) policy decision. The New Zealand dollar to US dollar (NZD/USD) exchange rate retreated to 0.6175 after failing to bear 0.6200 while the Pound to New Zealand dollar (GBP/NZD) exchange rate posted a 2-week high at 2.0550. Analysts are split on this month’s rate decision with...

CATEGORIES: New Zealand Dollar Forecasts Pound New Zealand Dollar Forecasts

Pound Sterling Drifts Lower Against Euro, EU Inflation Crucial This Week

26 Feb 2024 at 9 PM - Written by John Cameron

There are no major UK data releases this week with the focus likely to be on central bank talk and Euro-Zone inflation data. The Pound to Euro (GBP/EUR) exchange rate advanced to 1.1725 on Friday before fading to near 1.1700 and traded just below this level on Monday. 1.1765 remains a key resistance area. According to ING; “EUR/GBP will be affected by today’s speech from Lagarde and eurozone CPI data on Friday....

CATEGORIES: Pound Euro Forecasts

Euro to Dollar Forecasts Lowered at Commerzbank, Now Target 1.10 by End 2024

25 Feb 2024 at 10 AM - Written by David Woodsmith

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...

CATEGORIES: Euro Dollar Forecasts

Pound to Dollar Week Ahead Forecast: Ranges 1.25-1.137 in Nine Months

25 Feb 2024 at 9 AM - Written by Frank Davies

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...

CATEGORIES: Pound Dollar Forecasts

Pound to Euro Week Ahead Forecast: Buy Dips Below 1.17, as Short-term Uptrend Intact

25 Feb 2024 at 9 AM - Written by John Cameron

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...

CATEGORIES: Pound Euro Forecasts

Scotiabank: "Pound Sterling Has Work to do to Show Some Real Technical Strength"

24 Feb 2024 at 10 AM - Written by David Woodsmith

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...

CATEGORIES: Pound Dollar Forecasts

Pound to Euro: UK Optimism Underpins Sterling Exchange Rates

24 Feb 2024 at 10 AM - Written by John Cameron

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...

CATEGORIES: Pound Euro Forecasts