Indian Rupee, Euro, US Dollar and Sterling Exchange Rate Forecast And Analysis For Today

February 16, 2012 - Written by John Cameron

STORY LINK Indian Rupee, Euro, US Dollar and Sterling Exchange Rate Forecast And Analysis For Today

POUND STERLING

The latest UK Nationwide Consumer Confidence Survey, released overnight, significantly bettered expectations, providing a fillip for the Pound. That apart, it was a slow day for UK data releases – tomorrow’s UK Retail Sales figures for January may change all that. NEAR-TERM OUTLOOK – NEUTRAL.


US DOLLAR – The Pound Dollar exchange rate (GBP USD) is 1.5766

This afternoon’s US Housing Starts and Producer Price Index numbers bettered expectations, causing an improvement in investor sentiment which took the Greenback lower. With the Dollar’s mini-recovery of recent sessions apparently hitting the buffers, tomorrow’s key Consumer Price Index data takes on added significance. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


EURO – The Pound Euro exchange rate (GBP EUR) is 1.2061

Europe’s single currency has once again endured a difficult session, as rumours continued to circulate in the markets regarding the potential for some, or all, of Greece’s next tranche of bail-out funding to be withheld. However, this morning’s European Central Bank Monthly Report prevented the euro from losing too much ground on the day – the ECB stressed that it was essential for price inflation to be curbed in the eurozone, suggesting that the next European rate cut is a long way off. NEAR-TERM OUTLOOK – NEUTRAL TO NEGATIVE.


INDIAN RUPEE – The Pound Indian Rupee exchange rate (GBP INR) is 77.76


The Rupee’s tentative recovery against the other majors has stalled since the middle of January. This is partly due to speculators taking profit and partly attributable to a wobble in global appetite for risk, which has hit the Indian share market hard. Risk sentiment in coming sessions will determine whether the GBP INR exchange rate will head back up to 80.0000 or down to 75.0000. NEAR-TERM OUTLOOK – NEUTRAL.

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