September 23, 2013 - Written by Minesh Chaudhari
STORY LINK Foreign Currency Exchange Rate Predictions For EUR GBP AUD USD
The EURO initially registered gains when trading in the global currency markets recommenced last night as investors responded positively to an emphatic German Federal Election result for Angela Merkel’s incumbent Christian Democrats. However, the single currency has subsequently given up ground as investors gradually come to the realisation that the CDU party may not be able to form a working coalition. The outlook for the euro is NEUTRAL TO NEGATIVE and the current GBP EUR exchange rate is 1.1880.
The POUND STERLING is trading up on the day against all of the other majors with the exception of the Australian Dollar and the Japanese Yen. With no data releases of note to knock the Pound off its current bearing, institutional investors have been left to focus on the relatively strong UK economic data released in recent weeks. Thursday’s Q2 GDP data could call a halt to Sterling’s renaissance, but in the meantime the Pound is expected to trade on a NEUTRAL TO POSITIVE footing.
The AUSTRALIAN DOLLAR has been well supported in the global currency markets today thanks to last night’s HSBC survey which showed that activity levels in manufacturing sector of China’s economy have accelerated this month. The news comes as a boost for Australia’s exporters and the Australian Dollar alike, sending the GBP AUD exchange rate down to 1.6978 earlier. The Australian tender is now expected to trade on a NEUTRAL TO POSITIVE footing moving forward.
The US DOLLAR remains under pressure meaning that the Pound to Dollar exchange rate is currently trading at 1.6065. With Fed Chairman Ben Bernanke leaving the door open for the US central bank to continue pumping $85bn per month into the domestic economy into next year, the prospects would appear relatively bleak for the Greenback. However tomorrow afternoon’s US Consumer Confidence survey could change all this, meaning that the Buck is forecast to trade with a NEUTRAL bias in the short term.
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