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

June 27, 2011 - Written by John Cameron

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

POUND STERLING

Last night’s Hometrack Housing Survey showed a small monthly contraction in UK house prices this month, providing further evidence of a softening in the UK’s housing sector. With no key data due for release in the UK until tomorrow morning’s finalised Q1 GDP figure, the Pound has traded within tight ranges against the other majors. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.5960

The Dollar has struggled to make further ground up on the Pound and the Euro on the day, following last night’s break to a new 5-month low on GBP USD. A technical retracement can not be ruled out as speculators take profit, however it is possible that investors will pour more funds into the Greenback if there is bad news from Greece’s parliamentary debate on proposed austerity measures. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1224

The Euro has performed relatively solidly on the currency markets today, with investors factoring-in a positive outcome in this week’s austerity measures vote in Greece’s parliament. However, Greece's deputy Prime Minister, Theodor Pangalos issued a stark warning yesterday when he stated that Greece’s government ‘may have problems’ in gaining parliamentary support for all of the measures required to secure the final €12bn of its existing EU-IMF bail-out. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5275

The Australian Dollar has suffered on the markets today, following a weak performance from Asian equities last night. Recent soft data releases in Australia and the suggestion by the Reserve Bank of Australia that any domestic interest rate rise may be many months away continue to weigh heavily on the Aussie. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


NEW ZEALAND DOLLAR – The Pound New Zealand Dollar exchange rate (GBP/NZD) is 1.9858

Last night’s New Zealand Trade Balance figures came in far weaker than analysts had expected, causing the NZD to lose over 1% on the day against the GBP. The poor trade figures suggest that the strong Kiwi Dollar is hurting New Zealand exporters, a situation which the Reserve Bank of New Zealand will be keen to alleviate. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


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