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Currency News: UK daily forex news and forecasts

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GBP/EUR Exchange Rate Retreats from Key Resistance Level

24 May 2024 at 7 AM - Written by John Cameron

The Pound to Euro exchange rate (GBP/EUR) came close to touching the key 1.1765 level in early Europe on Thursday before a limited retreat to just below 1.1740 after a mixed round of UK business confidence data and further evidence of a Euro-Zone rebound. The 1.1765 area remains a key resistance area. Late on Tuesday, Prime Minister Sunak called a General Election for July 4th. Opinion polls indicate a very strong...

CATEGORIES: Pound Euro Forecasts

Pound to Euro Rockets to 2-Month Best as Snap UK General Election Called

23 May 2024 at 7 AM - Written by David Woodsmith

Although the UK inflation rate declined sharply for April with the lowest headline reading for close to three years, the decline was smaller than expected and services-sector inflation remains notably stubborn. Markets considered that the chances of a June rate cut had dipped to below 20% from 50% ahead of the data. The chances of an August cut dipped below 50% and traders are now fully pricing in only one rate cut this...

CATEGORIES: Pound Euro Forecasts

Pound Sterling: Positive Global Sentiment Underpins Currency, GBP/EUR Hits May Highs

22 May 2024 at 7 AM - Written by John Cameron

The Pound has made headway during Tuesday despite nerves ahead of the latest UK inflation data. HSBC commented; "Since the last Monetary Policy Committee (MPC) meeting, it has been well understood that the June rate cut scenario depends on this week's CPI and the next one due June 19." Expectations of ECB and Bank of Canada June interest rate cuts have helped underpin the Pound in markets, especially with optimism that...

CATEGORIES: Pound Euro Forecasts

Dollar Drifts Against European Currencies, Pound Sterling Holds Above 1.27

22 May 2024 at 7 AM - Written by John Cameron

The Pound to Dollar (GBP/USD) exchange rate held firm on Monday and traded above the 1.2700 level on Tuesday, close to 2-month highs, as low volatility limited support for the dollar. If dollar moves remain limited, GBP/USD moves will tend to be dominated by the UK inflation data and Bank of England (BoE) interest rate expectations. The UK inflation data will be released at Wednesday’s European open. Consensus...

CATEGORIES: Pound Dollar Forecasts

Pound to Euro Hits 10-Day Best Exchange Rate Pricing

21 May 2024 at 1 PM - Written by John Cameron

Pound Sterling (GBP) held firm against the Euro (EUR) on Friday with positioning ahead of a major week of UK data next week a key element in currency markets. The Pound to Euro exchange rate (GBP/EUR) posted net gains on Friday with a 10-day high to just above the 1.1670 level. The Pound to Dollar exchange rate (GBP/USD) also found support below 1.2650 and advanced to 1.2665 after the New York open. According to...

CATEGORIES: Pound Euro Forecasts

GBP/EUR Exchange Rate Nears 2-Week Best Ahead of Crucial UK Inflation

20 May 2024 at 5 PM - Written by John Cameron

The Pound to Euro (GBP/EUR) exchange rate strengthened to 2-week highs at 1.1690 on Friday before settling just below 1.1680 on Monday. The latest UK inflation data will be crucial for the Pound this week and the latest PMI business confidence data will also be a key element. Rightmove data recorded an increase in UK house prices of 0.8% for May after a 1.1% gain previously. Prices increased 0.6% over the year to a fresh...

CATEGORIES: Pound Euro Forecasts

Pound to US Dollar Exchange Rate Forecast: UK CPI This Week

19 May 2024 at 1 PM - Written by Frank Davies

The Pound to Dollar exchange rate GBP/USD jumped after the latest US inflation data and, after a correction, there was a fresh advance to 5-week highs just above the 1.27 level. Danske Bank expects GBP/USD will weaken to 1.17 on a 12-month view while ING expects the pair will be held to 1.25 as the Pound loses ground in global markets. Both banks expect the Bank of England (BoE) will cut rates more than the Federal...

CATEGORIES: Pound Dollar Forecasts

Euro to US Dollar Outlook: Divergence Remains a Key Theme

19 May 2024 at 1 PM - Written by David Woodsmith

Nordea forecasts that the Euro to Dollar exchange rate (EUR/USD) will weaken to 1.04 on a 3-month view with downside risks before a late-year recovery. ING expects that EUR/USD will resist losses and trade at 1.10 at the end of 2024. EUR/USD secured a net advance during the week and hit 5-week highs just below 1.09 during the week before settling around 1.0865. ING expects narrow ranges to prevail in the near term;...

CATEGORIES: Euro Dollar Forecasts

Pound to Euro Week Ahead Forecast: "Risks Skewed to Downside" say Analysts

19 May 2024 at 1 PM - Written by John Cameron

Foreign exchange (FX) analysts at ING and Danske Bank expect the Pound to Euro exchange rate (GBP/EUR) will weaken to 1.1365 at the end of 2024. Nordea expects GBP/EUR will strengthen to 1.1765 on a 3-month view before a retreat to 1.1630 at the end of 2024. The interest rate debate remained a key element and inflation data in the week ahead is likely to be crucial. GBP/EUR secured a significant net advance to 10-day...

CATEGORIES: Pound Euro Forecasts

Pound Sterling Outlook: Tensions Building Ahead of Next Week’s Crucial Inflation Data

19 May 2024 at 9 AM - Written by John Cameron

The dollar overall recovered ground on Thursday with a sense that markets may have overreacted to Wednesday’s US inflation data. From the Pound's perspective, tensions were building ahead of next week’s crucial inflation data. The Pound to Dollar (GBP/USD) exchange rate hit fresh 5-week highs at 12700 in Asia on Thursday before a retreat to just below 1.2650. Nordea expects GBP/USD will weaken to 1.22 on a 3-month...

CATEGORIES: Pound Sterling Forecasts