GBP EUR Exchange Rate Forecast To Gain, GBP INR Rate Goes Up

Modified: Tuesday, 3 December 2013 15:52 BST - Written by John Cameron

STORY LINK GBP EUR Exchange Rate Forecast To Gain, GBP INR Rate Goes Up

A strong showing from this morning’s Purchasing Manager Index survey of the Construction sector of the UK economy brought more good news for the Pound Sterling. The November gauge of activity levels in Britain’s building sector, which many analysts are looking to in order to return UK PLC to economic prosperity, printed at 62.6, up from October’s showing of 59.4 and well ahead of the consensus opinion of economists which was that the figure would show at 59.0.

The encouraging news from Britain saw the Pound register healthy gains against many of the other sixteen most-actively traded global currencies. Sterling has continued to bully the Indian Rupee so far today, sending the Pound Rupee exchange rate (GBP INR) back up into the 102.00s earlier, in spite of an ostensibly positive set of trade data, published in India overnight. The latest import/export figures out of India revealed that the nation’s trade deficit significantly narrowed during the three months to the end of June. However, the Indian tender has failed to benefit from the development, as investors have put down the amelioration in the Asian nation’s terms of trade to a concurrent and pronounced weakening in the value of the Rupee.

Elsewhere, Sterling has continued to dominate the euro so far today, meaning that the GBP EUR exchange rate has continued to remain well above the psychologically key 1.2000 threshold. Not for the first time in recent weeks, the data coming out of mainland Europe has been encouraging, with the publication of numbers which revealed that the level of Factory Orders has risen for the fifth month on the trot in the eurozone. If GBP EUR remains at very close to a 10 ½ month high whilst data sets from Europe are strong, what will happen when eurozone data releases start to provide cause for concern once more?

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TAGS: Currency Predictions Euro Forecasts Euro Pound Forecasts Indian Rup Forecasts