Foreign Exchange Rate Predictions For GBP EUR USD NZD

Modified: Thursday, 4 July 2013 16:12 BST - Written by Ben Hughes

STORY LINK Foreign Exchange Rate Predictions For GBP EUR USD NZD

The POUND STERLING has tumbled against all of the sixteen most-actively traded global currencies so far today after Mark Carney announced his arrival at the Bank of England with a loud bang. The new BoE Governor surprised investors by issuing a statement alongside today’s policy decision. The tone of publication was Sterling negative, noting that rising market interest rates appeared to pose a threat to the UK economy’s continued recovery. The outlook for the Pound is NEGATIVE.

There were no major surprises from the European Central Bank earlier today when it announced that it will be keeping its refinance rate at 0.50% for at least another month. The news had a broadly neutral effect on the EURO, but the single currency is likely to experience market movement when the latest German Factory Order data is released tomorrow morning. The single currency is expected to trade on a NEUTRAL TO POSITIVE footing ahead of this publication and the current GBP EUR exchange rate stands at 1.1624.

The US DOLLAR has performed well so far today, gaining over 1% against Sterling, in spite of yesterday afternoon’s disappointing ISM Non-Manufacturing survey. There could be further gains for the Greenback tomorrow afternoon – if analysts are to be believed the latest US Non-Farm Payrolls data will better expectations. The Buck is expected to trade on a NEUTRAL TO POSITIVE footing moving forward and the GBP USD exchange rate is 1.5103.

The NEW ZEALAND DOLLAR has made a strong comeback against Sterling so far today, sending the GBP NZD exchange rate down to 1.9375. The Kiwi has benefitted from a positive session for global shares which has seen London’s FTSE 100 trade up by almost 2%. From a technical perspective, GBP NZD now looks to have significantly rejected rates above two to one and the pair is currently sitting at 1.9375.The New Zealand unit is expected to trade on a NEUTRAL TO POSITIVE footing ahead of tomorrow’s key US employment data.

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