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

November 28, 2011 - Written by John Cameron

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

POUND STERLING

Poor UK housing data and moves in favour of other currencies have added up to a poor day for the Pound. Tomorrow could see some improvement with the Chancellor of the Exchequer announcing expansionary policies and a credit easing scheme for the UK economy. NEAR -TERM OUTLOOK – NEUTRAL.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5535

The market has turned against the safe-haven Greenback on the day, as panic levels receded in global markets. This saw the GBP USD exchange rate jump by over 0.50% on the day, with the potential for further gains tomorrow if Asian share markets follow the lead set by their European counterparts during today’s session, in making significant advances. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.1649

An OECD report issued earlier today predicted that the Eurozone’s fragile economy is heading for another recession. The report predicted that the single economic area’s economy will contract by 1% during the final quarter of 2011. Fears over the report negated investors’ hopes that Eurozone leaders are about to reach a pact on a united fiscal policy for the region. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


SOUTH AFRICAN RAND – The Pound South African Rand exchange rate (GBP ZAR) is 13.0218

The GBP ZAR rate reached a multi-year high of close to 13.36 during last week’s session as investors took fright at events in the Eurozone and shifted their funds out of riskier assets. Rumours that the South African government were seeking a weaker Rand added to the downward pressure on the ZAR. However, the Rand has pushed forward again during early trading this week, as global stock markets have surged forward. This leaves the potential that last week’s high will mark a key reversal for the pair. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


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