Currency News

Daily Exchange Rate Forecasts & Currency News

Daily Currency Rate Forecasts For The US Dollar, Pound Sterling, Euro and Swiss Franc

May 1, 2012 - Written by James Fuller

The POUND STERLING has put in a meek showing in the currency markets today, following the release of a disappointing PMI Manufacturing survey for April, which came in below expectations. If tonight’s Halifax House Price survey confirms that that this key sector of the UK economy remains in the doldrums, then Sterling could come under further selling pressure. In the meantime, the Pound is expected to trade on a NEUTRAL TO NEGATIVE footing.


Ongoing political uncertainty in France has suppressed the EURO on the day, as investors price-in the possibility that Nicolas Sarkozy will no longer be the country’s President by the start of next week. This has taken the GBP EUR exchange rate to its current level of 1.2253. If tomorrow morning’s German unemployment data confirms that the eurozone’s premier economic power is creaking under the pressure of supporting debt-laden peripheral states, then the second half of the week could bring more pain for the single currency. In the meantime, the euro trades with a NEUTRAL TO NEGATIVE bias.


The US DOLLAR has put in another relatively strong performance on the day, sending the GBP USD exchange rate down to 1.6193. The Reserve Bank of Australia’s gloomy assessment of the prospects for the continuance of the global economic recovery, have caused the Greenback to hoover up safe haven support, however a strong ISM Manufacturing figure, released in the states this afternoon, has the potential to reverse the situation, meaning that the Dollar trades on a NEUTRAL footing in the near-term.


The SWISS FRANC has had a steady day, following its pronounced losses of the last two weeks. With stock markets trading sideways over the past couple of sessions and fears over the eurozone’s ongoing debt crisis never far from investors’ minds, the Franc has the potential to strengthen from here, meaning that it trades with a NEUTRAL TO NEGATIVE bias moving forward.
Advertisement

Like this piece? Please share with your friends and colleagues:

International Money Transfer? Ask our resident FX expert a money transfer question or try John's new, free, no-obligation personal service! ,where he helps every step of the way, ensuring you get the best exchange rates on your currency requirements.


TAGS: American Dollar Forecasts Currency Predictions Dollar Poun Forecasts

Comments are currrently disabled