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

December 1, 2011 - Written by John Cameron

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

POUND STERLING

This morning’s PMI Manufacturing Survey results showed that the UK’s manufacturing sector contracted once again last month, but not by as much as analysts had anticipated. Poor data from Britain’s real economy is nothing new, but nonetheless, the Pound lost ground against all but the high-yielders on the day. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5689

UK, US and European stocks have edged lower on the day, causing the Dollar’s losses of yesterday, which were driven by the announcement of a concerted intervention in the currency markets by six leading central banks, to be partially reversed. With investors reacting negatively to comments from Mervyn King, the Governor of the Bank of England, describing the current global economic situation as ‘extraordinarily serious and threatening’, the risk-off environment could well last into tomorrow. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.1640

The ECB President, Mario Draghi, warned the European Parliament that the ‘downside risks’ to the Eurozone economy have increased, during a speech earlier today. The Governor of the Bank of England echoed his statement, however the Euro continues to hold firm against both the Pound and the Greenback. NEAR-TERM OUTLOOK – NEUTRAL.


SINGAPORE DOLLAR – The Pound Singapore Dollar exchange rate (GBP SGD) is 2.0123

The GBP SGD rate continues to hold above the 2.00 rate – but only just. A month ago, the pair was trading above the 2.0600 level, but the SGD has steadily improved since. The risk-sensitive Singie badly needs stocks to re-establish their upward trend in order to hold below 2.000 against the Pound. With all the dire warnings regarding the Eurozone’s debt crisis, this could prove easier said than done. NEAR-TERM OUTLOOK – NEUTRAL TO POSITIVE.


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