Currency News

Daily Exchange Rate Forecasts & Currency News

Forex Forecast : Rate Predictions For GBP, USD, EUR, AUD, CAD

June 29, 2011 - Written by John Cameron

POUND STERLING

This morning’s UK Mortgage Approval data and Consumer Credit numbers for May disappointed, causing some early downward pressure on the Pound. Events elsewhere have determined the levels on GBP pairs during this afternoon’s session. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6029

The Dollar eased off during this morning’s European session following a strong performance for global equities over the previous 24 hours. However, the Dollar clawed back some of this lost ground during the afternoon session as investors sought out the safe haven of the US T-Bill following a far from clear-cut outcome to Greece’s austerity vote. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1143

Europe’s single currency started the day strongly, as investors priced-in a positive outcome to this afternoon’s austerity vote in the Greek parliament. However, the outcome of the vote spooked the markets, although only one member of the ruling PAOK party voted ‘no’ to the austerity measures, there were also two abstentions and five deputies simply noted their presence. The Euro has lost ground since the vote over increased fears that tomorrow’s vote on the implementation of Greece’s austerity measures will deliver a negative result. NEAR-TERM OUTLOOK – NEUTRAL .


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5075
Advertisement

The Aussie has marched forward again on the day, with GBP AUD down by 0.75% at one point during this afternoon’s European session. The Australian Dollar is now nearing significant highs against several majors, leaving it open to technical sniping from speculators. Tomorrow’s vote on the implementation of austerity measures in the Greek parliament could send the Aussie higher still, if it delivers a positive outcome. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


CANADIAN DOLLAR – The Pound Canadian Dollar exchange rate (GBP/CAD) is 1.5562

The Canadian Dollar has been the best-performing of the sixteen most-actively traded currencies on the day. This forward move was largely attributable to May’s CPI Inflation figure, released in Canada at the start of today’s North American session. The data showed that Canadian prices are rising far faster than had been anticipated, making it more likely that the Canadian central bank will tighten monetary policy sooner rather than later. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


For other live currency exchange rates and a currency converter see the currency news website.
Like this piece? Please share with your friends and colleagues:

International Money Transfer? Ask our resident FX expert a money transfer question or try John's new, free, no-obligation personal service! ,where he helps every step of the way, ensuring you get the best exchange rates on your currency requirements.


TAGS: American Dollar Forecasts Australian Dollar Forecasts Canadian Dolla Forecasts

Comments are currrently disabled