Currency News

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

August 1, 2011 - Written by John Cameron

POUND STERLING

This morning’s UK Purchasing Managers Index Manufacturing survey showed that the number of respondents who are negative about the prospects for the UK manufacturing sector outweighed those who are positive, causing selling pressure on Sterling. If tomorrow’s PMI construction figure also disappoints, the Pound may trend lower against the other majors. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP/USD) is 1.6369

President Obama’s overnight announcement that a compromise deal has been reached between Democrat and Republican policy-makers on how to tackle the US’s giant debt has caused a forward move in global appetite for risk. This improved risk sentiment has stopped the Greenback moving forward in the market, but further news of European debt woes could cause safe-haven support for the Dollar. NEAR-TERM OUTLOOK – NEUTRAL.


EURO – The Pound Euro exchange rate (GBP/EUR) is 1.1362

Europe’s single currency has held up well on the day so far, in spite of leading ratings agency Moody’s announcement on Friday afternoon that it was reviewing Spain’s debt rating. With this morning’s German and whole-of Eurozone PMI Manufacturing surveys printing at almost exactly the expected levels, support from the Euro has been caused by speculators anticipating a tightening of monetary policy by the European Central Bank later in the week. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


AUSTRALIAN DOLLAR – The Pound Australian Dollar exchange rate (GBP/AUD) is 1.4814
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The Australian Dollar has surged forward on the day as appetite for risk flows back into global markets thanks to President Obama’s announcement of a US Debt Deal. However, last night’s Chinese PMI Manufacturing data, which highlighted a further slowing in the growth of China’s key manufacturing output, may dampen the Aussie’s move forward. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


SOUTH AFRICAN RAND – The Pound South African Rand exchange rate (GBP/ZAR) is 10.9145

South Africa’s domestic stock market is enjoying its first day of gains for five sessions today as appetite for risk returned to global markets. Mining stocks fared particularly well, causing the Rand to strengthen and taking the GBP ZAR rate lower by over 0.50% by the start of Europe’s afternoon session. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


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