Today's Pound, Euro, Dollar & South African Rand Outlook - Exchange Rate Forecasts & Predictions 2014 / 2015

July 24, 2014 - Written by John Cameron

STORY LINK Today's Pound, Euro, Dollar & South African Rand Outlook - Exchange Rate Forecasts & Predictions 2014 / 2015

Currency News UK presents Today's Pound to Euro, American Dollar & South African Rand Outlook - Exchange Rate Forecasts and Predictions 2014 / 2015 - The POUND STERLING (currency:GBP) has racked up some losses against the other major global currencies during the past 24hrs thanks to some unhelpful comments from Bank of England Governor Mark Carney. The BoE Supremo stated in the minutes of his Bank’s latest policy meeting, published yesterday morning, that there was no ‘pre-set course’ for UK rate hikes.

Let's take a look at the live currency rates today (Revised 26/07/2014):

- the Pound to Australian Dollar exchange rate is 1.80675 GBP/AUD.
- the Pound to Canadian Dollar exchange rate is 1.83562 GBP/CAD.
- the Pound to Euro exchange rate is 1.26405 GBP/EUR.
- the Pound Sterling to NZ Dollar rate today is 1.98364 GBP/NZD.
- the Pound to US Dollar rate is 1.69750 GBP/USD.

This observation quelled market rumours that there might be an increase in the UK Base Rate this side of Christmas and the Pound is now forecast to trade on a NEUTRAL TO POSITIVE footing moving forward.

The EURO (currency:EUR) continued to struggle against the Pound and the Dollar yesterday following Tuesday’s break to a fresh 8-month low for the EUR USD exchange rate.

Another dismal whole of eurozone Consumer Confidence survey, published yesterday afternoon, hampered the single currency on the day; the closely-monitored release revealed that the level of confidence amongst eurozone economic participants has decreased this month, suggesting that the European Central Bank’s extraordinary monetary policy measures are not working.

The outlook for the euro remains NEGATIVE and the GBP EUR exchange rate trades at 1.2654.

Swiss Quote's forecast for the EUR/USD is quoted as saying "In terms of technical levels, if the EUR/USD breaks above 1.3485, next resistances are seen at 1.3500 (psychological level) and 1.3529 (10-day SMA). On the other hand, supports are seen at 1.3438 (Jul 24 low), 1.3400/99 (psychological level/Nov 21 2013 low) and 1.3390 (Nov 13 low)."

They go on to quote Karen Jones, Head of FICC Technical Analysis at Commerzbank, the pair "has seen a minor break into new lows for the year and more importantly closed below the 1.3476 previous low - a negative bias will remain entrenched below the 1.3580 downtrend. We target initially the 1.3426 200 week ma en route to the 1.3295 November 2013 low".

The British Pound edged weaker against the US DOLLAR yesterday, sending the GBP USD exchange rate down to within a whisker of the 1.7000 threshold.

The near-term prospects for the Buck hinge on this afternoon’s weekly jobs data and tomorrow’s Durable Goods Orders data for last month. However, whatever the result of these releases, the fact that the US Federal Reserve appears likely to be one of the first major global central banks to blink and increase its headline interest rate will provide the Greenback with sustained support moving forward.

Look for consecutive closes below the 1.7000 level to send out a strong negative indicator for the GBP USD exchange rate; in the meantime, expect the Buck to trade with a NEUTRAL TO POSITIVE bias.

The current Pound Sterling to US Dollar exchange rate stands at 1.7036 GBP/USD.

In an unusual turn of events, the SOUTH AFRICAN RAND (currency:ZAR) was the best performing of the sixteen most actively-traded global currencies during yesterday’s session.

The Rand has been virtually friendless in the market during recent weeks thanks to investors’ fears regarding the state of the South African labour market.

However, the Rand enjoyed sustained support during yesterday’s session as investors rotated their emerging market investments out of Russia and into other high-yielding venues including South Africa.

Yesterday’s domestic inflation figures, which pointed to an increase in the core level of domestic price rises, also assisted the Rand.

The forecast for the South African unit is NEUTRAL and Pound to Rand exchange rate stands at 17.8760 GBP/ZAR.

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