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

June 23, 2011 - Written by John Cameron

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

POUND STERLING

Sterling has endured a mixed day on the markets, clawing back some of yesterday’s lost ground against the Euro, but GBP USD has slipped to its lowest level since the end of March. This morning’s CBI Reported Sales figure for June disappointed, showing a slight contraction. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.5952

The Greenback has powered forward against the other majors on the day, with EUR USD down by over 1.5% by the middle part of the European session. The market has moved in favour of the Dollar following Fed Chairman Ben Bernanke’s press conference last night, which saw the Fed’s 2011 growth forecast downgraded and no mention of an extension to America’s current asset purchase scheme, which finishes on the final day of this month. NEAR-TERM OUTLOOK – POSITIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1277

Federal Reserve Chairman Ben Bernanke warned last night that a failure to resolve Greece’s debt situation, ‘would pose threats to the European financial systems, the global financial system and to European political unity.’ With this message ringing in their ears, market participant have moved against the Euro today. Further downside is likely if the 48 hour Euro summit which started today fails to yield tangible results. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5244

The pessimistic tone of Fed Chairman Ben Bernanke’s speech last night has caused some selling pressure on the Aussie during today’s session. With concerns over Greece’s debts lingering, further downside is possible for the Aussie, but tomorrow’s speech on domestic inflation by RBA Assistant Governor Philip Lowe could provide some respite. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


SWISS FRANC – The Pound Swiss Franc exchange rate (GBP/CHF) is 1.3381

Swiss Trade Balance data for May, released this morning, showed a large increase in Switzerland’s trade surplus. This was attributable to a significant contraction in Swiss imports, suggesting that the unprecedented strength of the Franc in recent months is deterring importers. The figure pushed the EUR CHF to a new record low. NEAR-TERM OUTLOOK – POSITIVE.


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