Foreign Exchange Rates : Currency Predictions - GBP, USD, EUR, AUD, NZD, CAD

April 28, 2011 - Written by John Cameron

STORY LINK Foreign Exchange Rates : Currency Predictions - GBP, USD, EUR, AUD, NZD, CAD

POUND STERLING

There was no tier one data of significance released in the UK today, so Sterling pairs were left open to moves in other currencies, with USD weakness seeing GBP USD rally to its highest level since December 2009. UK interest rate expectations remain depressed and yesterday’s growth figure will do little to perk them up. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6635

The Dollar has suffered a major slump in support over the last 24 hours, following an extremely downbeat press conference by Fed Chairman Ben Bernanke yesterday which saw the GDP Growth forecast for 2011 lowered. Worse than expected Q1 GDP figures, released in the States this afternoon, added to the Greenback’s woes. NEAR-TERM OUTLOOK – NEGATIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1252

ECB Board Member Yves Mersch spoke publicly today about the likelihood of Europe’s central bank reigning in their asset purchase scheme in the near future, an action which would see further support for the Euro. This morning’s German unemployment data came out in-line with expectations and not even the continuing sovereign debt crisis seems to be able to de-rail the Euro’s march forward. NEAR-TERM OUTLOOK – POSITIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5276

The Australian Dollar continues to push forward against the other major currencies as risk sentiment in global markets surges forwards and commodities continue to push to new highs. This evening’s Australian Private Sector Credit numbers for March are likely to provide further evidence that the Australian economy is burgeoning. NEAR-TERM OUTLOOK – POSITIVE.


NEW ZEALAND DOLLAR – The Pound New Zealand Dollar exchange rate (GBP/NZD) is 2.0779

The Reserve Bank of New Zealand left rates on hold at 2.50% at last night’s meeting, causing the NZD to pare some of its recent gains. A decent minority of investors had been anticipating a surprise rate rise, leading to a day of losses for the Kiwi. Expectations are high for this evening’s NZ Trade Balance figures, given top-of-the-range commodity prices. NEAR-TERM OUTLOOK – NEUTRAL.


CANADIAN DOLLAR – The Pound Canadian Dollar exchange rate (GBP/CAD) is 1.5824

Tomorrow’s Canadian GDP figure dominated the CAD pairs’ levels during today’s session. Analysts are expecting the figures to show a monthly expansion of 0.5% for February. If the figure printed at this level, then calls for the Canadian central bank to raise interest would escalate. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVIVE.

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TAGS: American Dollar Forecasts Australian Dollar Forecasts Canadian Dolla Forecasts