Daily Currency Exchange Rate Forecasts For GBP To EUR, USD And CAD

Published: Friday, 14 December 2012 16:00 BST - Written by Minesh Chaudhari

STORY LINK Daily Currency Exchange Rate Forecasts For GBP To EUR, USD And CAD

The EURO has enjoyed another positive day in the markets following the news that the eurozone’s leaders, who convened at a summit in Brussels today, have agreed on a deeper level of integration for the region. This morning’s whole of eurozone CPI inflation data printed at a marginally lower level than had been anticipated, however analysts are still anticipating that the single currency will trade with a NEUTRAL TO POSITIVE bias in the short term. The current GBP EUR exchange rate sits at 1.2313.

The POUND STERLING has once again struggled to break into positive territory against the other major global currencies on the day. Last night’s announcement by leading credit ratings agency S&P that it was placing UK debt on watch suppressed the Pound in early trading and comments from British Prime Minister suggesting that the UK economy would ‘do better’ outside the eurozone have raised concerns amongst investors. The near-term outlook for Sterling is NEUTRAL TO NEGATIVE.

The US DOLLAR has edged forwards against the Pound and the euro at times during today’s session. A generalised reluctance from institutional investors to ‘take a punt’ on riskier assets favoured the Greenback in the early part of the day. However, this afternoon’s stronger than anticipated US Industrial Production data for last month could cause the ‘Buck’ to lose ground ahead of the weekend close. The current GBP USD exchange rate stands at 1.6120.

The CANADIAN DOLLAR has finished the session on a bum note following the release of a disappointing set of Manufacturing Shipments data for October, which revealed a monthly decrease of 1.4% in exports of manufactured products. The number suggests that the historically strong ‘Loonie’ is beginning to weigh heavily on Canada’s real economy. The current GBP CAD exchange rate stands at 1.5875 and the Canadian tender is expected to trade on a NEUTRAL footing moving forward.

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