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British Pound Sterling FX Forecast for EUR USD CAD: UK Growth Supports Conversion Rate

July 29, 2015 - Written by John Cameron

Pound Gains on Euro before Consumer Confidence

The Pound remained trading in a moderately stronger position against the Euro on Wednesday as upbeat UK mortgage approvals data added to the positive sentiment inspired by the British second quarter growth report. If tomorrow's UK GfK Consumer Confidence measure shows improved sentiment, GBP/EUR could end the week higher.


GBP Exchange Rate Higher against EUR, USD after UK GDP

The POUND STERLING (currency:GBP) put in a go-ahead performance against the other sixteen most actively traded global currencies yesterday. Official figures pointing to a 0.7% uptick in British economic activity during the three months to the end of June helped the Pound; however, drilling down into the numbers, analysts noticed a 0.3% drop-off in activity in the domestic manufacturing sector. This may prove to be a drag on Sterling moving forward, meaning that the forecast for the UK unit is NEUTRAL.

Foreign Exchange Newsflash: Euro Struggles (EUR/GBP, EUR/USD) As Greek Talks Continue

The EURO (currency:EUR) struggled during yesterday’s session, as talks between Greece and the EU / ECB / IMF Troika began in earnest. The shared currency shed 0.66% against Sterling on the day and at one point was down by a third of a percentage point against the Greenback. Monday’s better than anticipated German Business Sentiment survey may assist the euroland unit in the short term, but a potent combination of a monthly €65bn worth of Quantitative Easing from the European Central Bank and concerns regarding a Greek debt meltdown will suppress support for the single currency moving forward.

The outlook for the euro is NEGATIVE and GBP EUR stands at 1.4130.

US Consumer Confidence Falls, GBP to USD Conversion Rate Climbs before FOMC

A dismal showing from the latest US Consumer Confidence survey dented support for the US DOLLAR (currency:USD) during yesterday’s afternoon session in the global currency markets. Analysts had been expecting a showing of 100 from the key statistic – the fact it showed a considerable monthly drop to a relatively lowly 90.9 raised the prospect of a downbeat message from the Federal Reserve this afternoon.

The outlook for the Buck is NEUTRAL TO NEGATIVE and the GBP USD exchange rate stands at 1.5624.

GBP/CAD Exchange Rate Trims Gains on Profit Taking and Improved Risk Appetite

The CANADIAN DOLLAR (currency:CAD) clawed back some of its recent losses against the Pound Sterling during yesterday’s trading session. The downward move from above the 2.0300 threshold for GBP CAD back into the 2.0100s came in spite of another day of losses for global oil prices – ordinarily an event which hurts the Canadian unit. However, the shift lower for black gold was more than cancelled out by a generalised improvement in risk sentiment, as evidenced by gains for world share markets.

The Loonie is forecast to trade on a NEUTRAL TO NEGATIVE footing moving forward and the GBP CAD exchange rate stands at 2.0182.
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