Pound Euro Exchange Rate Prediction For Today, USD & CAD Forecasts

Published: Tuesday, 4 December 2012 18:00 BST - Written by John Cameron

STORY LINK Pound Euro Exchange Rate Prediction For Today, USD & CAD Forecasts

The POUND STERLING has once again struggled to assert itself against the other majors in the currency markets during today’s session, this time thanks to a disappointing PMI Construction survey released earlier. Analysts had been anticipating that the barometer of activity in the British building sector would point to an expansion; when it printed at 49.3, there was widespread disappointment. The Pound is expected to trade on a NEUTRAL TO NEGATIVE footing moving forward.

The US DOLLAR has endured a poor day in the markets today thanks to ongoing fears that the Democrat / Republican ‘fiscal cliff’ stand-off is showing no sign of abating. Tomorrow’s factory order and employment change data will afford the Greenback further direction ahead of Friday’s key Non-Farm Payrolls data. In the meantime, the ‘Buck’ is expected to trade on a NEUTRAL TO NEGATIVE bias. The current GBP USD exchange rate stands at 1.6108.

The EURO has outperformed both the US Dollar and the Pound so far today. Whole of eurozone PPI data came in slightly above expectations earlier, making a near-term trimming of rates from the ECB unlikely. The single currency is expected to trade on a NEUTRAL TO POSITIVE footing moving forward and the current GBP EUR exchange rate stands at 1.2312.

The CANADIAN DOLLAR enjoyed a boost earlier today when the bank of Canada decided to maintain domestic interest rates at 1.00%. Analysts had been pricing-in an outside chance of a cut. The ‘Loonie’ had been under pressure in the earlier part of the week due to concerns that US lawmakers might not be able to hammer out a budgetary deal in time to avoid the nation’s impending ‘Fiscal Cliff’. The current GBP CAD exchange rate sits at 1.5993 and the CAD is expected to trade with a NEUTRAL TO POSITIVE bias in the near-term.

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