Best Euro Exchange Rate is Forecast Next Week, AUD NZD & CAD At Risk from Commodity Movements

Modified: Monday, 15 June 2015 14:22 BST - Written by John Cameron

STORY LINK Best Euro Exchange Rate is Forecast Next Week, AUD NZD & CAD At Risk from Commodity Movements

AUD Exchange Rate Recoups Losses against USD, EUR, GBP

The Australian Dollar was trending in a broadly stronger position on Monday, gaining on the Pound, Euro and US Dollar. However, these gains could prove short lived if the RBA meeting minutes are dovish in tone. If the minutes imply that the RBA is considering cutting interest rates further this year, the 'Aussie' may tumble during the Australasian session. Domestic New Motor Vehicle Sales data may also have an impact on trading.

Earlier...

IMF Frustration Helps Pound Sterling (GBP) Hit Week's Best Exchange Rate Against Euro

Yesterday’s walk-out from the ongoing Greece /debtors meeting by the International Monetary Fund’s delegation has continued to anchor the euro (currency:EUR) during today’s session.

GBP/EUR Currency Pair Rallies to 1.3893

The fallout saw the Pound Sterling Euro exchange rate climb to as high as 1.3893 during early trading this morning. Movement on the global equities markets on the day re-enforced the impressed that investors are genuinely fearful that Greece may be about to ‘do something silly’. Athens has rolled up this month’s payments due to the International Monetary Fund, which total over €1.5bn, until the final day of June. The move, which ramped up the stakes in the ongoing debt talks between Greece and the EU / IMF / ECB ‘Troika’, means that a sharp near-term weakening of the shared currency cannot be ruled out.

Greek/German Relations Strained - Pound likely to Extend Gains against Euro Next Week

Meanwhile, the mood music coming from Brussels is becoming increasingly strained, with German Premier Angela Merkel commenting earlier that, ‘where there’s a will there’s a way, but the will has to come from all sides. That is why I think it’s right that we talk to each other again and again.’ Any suggestion that Greece is set to default is forecast by analysts to send the Pound Sterling euro exchange rate Northwards to a fresh 7 ½ year high above its existing range-topping rate of 1.4258.

UK Inflation Data Forecast to Cause Currency Market Movement, EUR, USD, AUD Fluctuations also Expected

Looking ahead, the next tier one data release, as far as Sterling-watchers are concerned, comes on Tuesday in the form of May’s Consumer Price Index inflation figures. Holders of the Pound will be hoping that the pace of British price rises has risen back into positive territory in order to push the UK unit higher against its counterpart currencies. The centrepiece data release next week comes on Wednesday evening when the US Federal Reserve announces its latest monetary policy decision; an interest rate hike remains highly unlikely for this month, but any suggestion that September could be the month for rate ‘lift-off’ in the States would be sure to send the US Dollar (currency:USD) higher and hit the risk-fuelled Commodity Dollars, (AUD, NZD, CAD).

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TAGS: Australian Dollar Forecasts Euro Pound Forecasts Pound Euro Forecasts