Foreign Exchange Rate Forecasts For Euro (EUR) Pound Sterling (GBP) Rupee (INR) Aus Dollar (AUD)

May 13, 2014 - Written by Minesh Chaudhari

STORY LINK Foreign Exchange Rate Forecasts For Euro (EUR) Pound Sterling (GBP) Rupee (INR) Aus Dollar (AUD)

The EURO enjoyed a pronounced bout of support earlier today when the latest German ZEW survey battered investors’ expectations. Luke Bartholomew, at Aberdeen Asset Management, observed that, "ECB meetings are starting to have a Waiting for Godot feel: every month we think Draghi can't go any longer without doing something and every month we're left waiting." The air of inevitability surrounding asset purchase for the eurozone means that the single currency is forecast to trade with a NEUTRAL TO NEGATIVE bias moving forward. The current GBP EUR exchange rate stands at 1.2275.

The POUND STERLING has been largely directionless on the day today due to an absence of UK data releases. The next risk event of note for the Pound comes tomorrow morning with the publication of British jobs data for March. A drop in the overall level of unemployment is anticipated and if this prediction comes to pass, then look for the Pound to trade on a NEUTRAL TO POSITIVE footing moving forward.

The INDIAN RUPEE has improved against the Pound today, sending the GBP INR exchange rate down from above the 101.00 threshold during early trading to its current rate of 100.41. Support for the Indian tender has ben driven by the publication of exit polls following the nation’s marathon general election which suggest that Narendra Modi-led Bharatiya Janata Party (BJP) will soon have enough seats to form a workable majority government. India’s number one stock index, the Sensex, climbed by almost 2.0% on the news and the Rupee followed suit. The outlook for the Indian tender is now NEUTRAL TO POSITIVE.

The AUSTRALIAN DOLLAR has strengthened against the Pound during today’s session, sending the GBP AUD exchange rate down to as low as 1.7955 earlier. On the face of it, last night’s Asian session should not have been a good one for the Aussie with the publication of a disappointing set of Chinese retail sales numbers and poor quarterly house price figures in Australia. However, the annualised version of the quarterly Aussie property price data thrashed expectations. Analysts forecast that the Aussie will trade on a NEUTRAL TO NEGATIVE footing moving forward.

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TAGS: Australian Dollar Forecasts Currency Predictions Euro Forecasts Eur Forecasts