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Daily Currency Rate Predictions For The US Dollar, Euro, Pound Sterling and Singapore Dollar

April 18, 2012 - Written by Tim Boyer

The POUND STERLING has jumped in value on the day, following UK employment data which showed that the number of unemployed in Britain had unexpectedly dropped back to 2.65m last month. This morning’s Bank of England minutes, which showed that only one member of the nine-man MPC had voted in favour of an extension to the Bank’s QE programme this month, provided further support for the Pound, which currently trades on a firmly POSITIVE footing.


European stocks have incurred losses on the day, causing the safe-haven US DOLLAR to be supported during the early part of today’s session. However, the Greenback still lost ground against the go-ahead Pound, taking the GBP USD exchange rate to its current level of 1.5981. Disappointing Chinese housing market data, released during last night’s Asian session, has raised the potential for Dollar upside, meaning that the US currency heads into tomorrow’s session on a NEUTRAL TO POSITIVE footing.


The EURO has leaked support once more today, after Italy’s government announced a significant reduction in its 2012 GDP Growth forecast. The current GBP EUR exchange rate stands at 1.2216 following this bout of euro-weakness. Tomorrow morning’s auction of 2-year and 10-year bonds will be closely-monitored. In the meantime, the single currency is expected to trade on a NEUTRAL TO NEGATIVE footing.


The SINGAPORE DOLLAR has been out of favour in the currency markets since the market re-opened on Sunday night, taking the GBP SGD exchange rate to 2.0034. Poor domestic export figures, released earlier this week, hurt the SGD and today’s ‘risk-off’ trading environment in Asian markets has added to the downside pressure on the Singie, which is expected to trade with a NEUTRAL TO NEGATIVE bias in the near-term.





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