Foreign Exchange Rate Predictions & Forecasts For GBP EUR AUD USD

Modified: Tuesday, 3 September 2013 16:34 BST - Written by David Woodsmith

STORY LINK Foreign Exchange Rate Predictions & Forecasts For GBP EUR AUD USD

The POUND STERLING has enjoyed another day of strong gains against the majority of the other sixteen most-actively traded currencies, largely thanks to a stronger than expected PMI Manufacturing survey. The positive news was backed up by a publication from the OECD which upped its 2013 UK GDP growth forecast from 0.8% to 1.5%. The outlook for Sterling is now POSITIVE.

The EURO has had an evens-stevens sort of day against the other major currencies. This morning’s Spanish Unemployment data revealed that the overall level of joblessness in the troubled Iberian state appears to have plateaued. Tomorrow morning’s whole of eurozone GDP data is the next risk event of note for the single currency. The euro is forecast to trade on a NEUTRAL footing in the lead-up to this publication and the GBP EUR exchange rate currently stands at 1.1805.

The AUSTRALIAN DOLLAR has outperformed almost all of the other world currencies of significance so far today thanks to last night’s announcement from the Reserve Bank of Australia that it will not be trimming its key lending rate this month. Yesterday’s forward move for global shares has further assisted the Aussie, sending the GBP AUD exchange rate down to 1.7181 earlier. The outlook for the Australian tender is NEUTRAL TO NEGATIVE.

The US DOLLAR has held steady on the day, meaning that the GBP USD exchange rate is currently trading at 1.5557. The Buck will be afforded renewed direction following yesterday’s US market close when the latest domestic ISM Manufacturing survey is released later today. Meanwhile, the middle part of this month brings the hotly anticipated Federal Reserve FOMC policy announcement. In the meantime, expect the Greenback to trade on a NEUTRAL footing.

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