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

June 30, 2011 - Written by John Cameron

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

POUND STERLING

The Pound suffered a poor start to today’s European session in spite of a slightly better-than-anticipated Nationwide House Price Survey for June, released earlier today. The downward move was partly a reaction to the release of the worst UK service sector figures for 15 months yesterday and renewed focus on the UK’s yield disadvantage against the other majors, (barring the USD). NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6011

The Dollar has suffered some weakness in the markets today following three consecutive days of gains for US equities. A positive outcome in the Greek parliament when deputies vote on the implementation of austerity measures, could see the GBP USD rate re-trace back above 1.6100. NEAR-TERM OUTLOOK – NEGATIVE.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1070

With German Retail sales figures for May, released earlier today, showing a healthy rise and the markets still factoring-in yesterday’s Greek austerity vote, the Euro opened strongly. Europe’s single currency has given back some of these gains as today’s session has progressed, as investors nervously await the outcome of this afternoon’s vote on the implementation of Greece’s proposed austerity measures. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE .


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.4914

The Aussie has powered forward on the markets today, thanks to market participants’ relief at the ‘yes’ vote to Greece’s austerity package yesterday. This saw the GBP AUD plummet to its lowest level in over 26 years earlier today, at one point trading as low as 1.4887. Having broken through several key levels and with no technical support in sight, further downside is possible for this pair. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


SOUTH AFRICAN RAND – The Pound South African Rand exchange rate (GBP/ZAR) is 10.8965

The Rand has enjoyed a positive week on the markets, with the GBP ZAR rate dropping from Monday’s high of 11.0698 to touch 10.8281 today. The improvement in global appetite for risk thanks to Greece’s positive austerity vote has been the major precipitant of this move. Today’s Producer Price figures showed an acceleration in South African factory gate prices, causing further support for the ZAR. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


For other live currency exchange rates and a currency converter see the currency news website.

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 Currency Predi Forecasts