British Pound Sterling FX Forecast vs EUR USD NZD

September 29, 2015 - Written by John Cameron

STORY LINK British Pound Sterling FX Forecast vs EUR USD NZD

The POUND STERLING (currency : GBP) has been outperformed by all of the other sixteen most actively traded global currencies during today’s session. The data emerging from the UK since midnight has been generally positive in tone, with last month’s Mortgage Approval numbers beating expectations and a stronger than anticipated CBI Reported Sales figure. The outlook for Sterling is NEUTRAL, but tomorrow morning’s Nationwide House Price survey has the potential to alter this.

Price action for the EURO (currency : EUR) in the global currency markets this afternoon has proved to be counter-intuitive. A below-par showing from this today’s German inflation data caused investors to factor in a higher percentage chance that the European Central Bank’s Quantitative Easing programme will continue past next Autumn. The forecast for the single currency remains NEUTRAL TO NEGATIVE and the GBP EUR exchange rate stands at 1.3492.

The US DOLLAR (currency : USD) continues to benefit from investors’ American interest rate expectations. The consensus view from market participants is that the US Federal Reserve will begin tightening its monetary policy in December. The next risk event of note for Dollar-watchers comes on Friday afternoon in the form of Augusts’ US Non-Farm Payroll job creation figures. Another showing of 200,000+ will surely heighten market participants’ belief that a US rate hike is on its way. The forecast for the Greenback is therefore NEUTRAL TO POSITIVE while the Pound Sterling Dollar exchange rate stands at 1.5160.

The NEW ZEALAND DOLLAR (currency : NZD) has bullied the Pound during the second half of today’s European equities session. The Kiwi had started the day in a distinctly subdued mood and moved in step with global stock markets – i.e. downwards. However, the afternoon session has seen the New Zealand unit stage a comeback against Sterling, sending GBP NZD back down into the 2.3600s. The early hours of Thursday morning bring the publication of the latest survey of China’s manufacturing sector – another disappointing showing is forecast to see the Kiwi perform on a NEUTRAL TO NEGATIVE footing against the Pound. GBP NZD stands at 2.3696.

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