Today's Currency Predictions For The Singapore Dollar, Euro, US Dollar and Pound Sterling

Published: Friday, 17 February 2012 16:00 BST - Written by John Cameron

STORY LINK Today's Currency Predictions For The Singapore Dollar, Euro, US Dollar and Pound Sterling

Today’s session started positively for the POUND STERLING, with the release of better than anticipated UK Retail Sales data for January. The annualised figure printed at 2.0% versus expectations of a growth in shop sales of only 0.6%, raising investor’s expectations that the Bank of England will have to raise British interest rates sooner rather than later. Support for Sterling ebbed this afternoon, leading to a NEUTRAL outlook for the Pound.

The EURO ended this week’s session on the front foot, with Paris and Frankfurt’s share markets closing up by around 1% on the day, as market participants began to feel more positive about Greece’s ongoing debt scenario. This morning’s German Producer Price data, which bettered expectations, helped Europe’s single currency end this week’s session on a NEUTRAL TO POSITIVE footing. The GBP EUR exchange rate is currently 1.2010.

The US DOLLAR limps toward this week’s close trading with a NEUTRAL TO NEGATIVE bias. Gains for global share markets have caused support for the Greenback to leak on the day. Even this afternoon’s higher than anticipated US CPI inflation number could not turn around the Dollar’s fortunes. Next week’s session will open with the USD trading with a NEUTRAL TO NEGATIVE tone. The GBP USD rate of exchange currently stands at 1.5806.

Sterling is currently trading at a rate of 1.9903 against the SINGAPORE DOLLAR – the GBP SGD exchange rate has held below 2.0000 since the second week of January, sending out a strong NEGATIVE signal for the pair. The Singapore Dollar remains risk sensitive, so there is potential for it to garner some limited support in the near-term, following relatively strong US data releases in recent times and this week’s news from the Bank of Japan that it is set to maintain its accommodative monetary policy.

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