Pound To Euro Exchange Rate Prediction, US Dollar, Norwegian Krone Forecasts

October 3, 2012 - Written by Toni Johnson

STORY LINK Pound To Euro Exchange Rate Prediction, US Dollar, Norwegian Krone Forecasts

There was double delight for investors holding the EURO this morning when August’s whole of eurozone Retail Sales figures beat expectations and July’s version was revised upwards. The positive news has seen the single currency well-supported on the day, sending the GBP EUR exchange rate down to 1.2480. The euro is expected to trade with a NEUTRAL TO POSITIVE bias in the short term.

The POUND STERLING has struggled to assert itself in the currency markets on the day thanks to a weak showing for this month’s PMI Services sector data. The survey showed that activity is dropping back in this key area of Britain’s economy. There could be further downside for Sterling tomorrow if the Bank of England announces that it is further loosening the UK’s monetary. The Pound trades on a NEUTRAL TO NEGATIVE footing until the announcement.

The US DOLLAR has picked up some safe haven support on the day following the release of another weak PMI survey in China. Poor Australian trade figures overnight have added to the ‘risk-off’ trading environment, meaning that the Greenback trades with a NEUTRAL TO POSITIVE bias ahead of tomorrow’s Fed FOMC minutes. The GBP USD exchange rate currently sits at 1.6106.

The NORWEGIAN KRONE has leaked support on the day – disappointing data sets in China and Australia overnight, in combination with the continued downward movement in the price of a barrel of crude oil have hurt the Norwegian tender. With fears that the global economy is heading for an economic slowdown, the future prospects for the Krone are NEGATIVE. The current GBP NOK exchange rate stands at 9.2555.

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TAGS: Currency Predictions Dollar Pound Forecasts Euro Forecasts Euro Pou Forecasts