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Daily FX Data Forecast for British Pound Sterling GBP

October 30, 2015 - Written by Toni Johnson

QE Speculation Continues to Weigh on Euro (EUR) Exchange Rate

The weekend market shutdown is approaching, but the tier one data releases keep on coming. Analysts forecast further movement for the leading global currencies today, with a raft of keynote data releases.

Our leading currency analysts takes a look at the likely movers and shakers in the daily data roster…

The pressure has been on for the euro (currency : EUR) since comments eight days ago from European Central Bank (ECB) Chief Mario Draghi suggesting that more euroland Quantitative Easing might be on the agenda before the end of the year.

The attendant move has sent the Pound Sterling euro exchange rate to the cusp of the 1.4000 GBP EUR threshold during the past 48hrs, but there could be further bad news to come for the single currency later today in the form of the publication of this month’s whole of Eurozone Consumer Price Index Estimate.

The numbers are expected to point to a zero level of inflation in the single currency area – such an outcome could prove enough to send the Pound euro exchange rate through the 1.4000 GBP EUR threshold.

Pound Sterling to Canadian Dollar Conversion Rate Trading above 2.0300

The Pound was trading at above the 2.0300 GBP CAD level against the Canadian Dollar earlier in the week, but the pair has slipped down towards the two to one level during the second half of the weekly session.

However, the near-term renaissance from the Loonie will be severely tested by this afternoon’s Canadian Gross Domestic Product data which is expected to show an increase to an annualised level of 1.0%, (up from last month’s 0.8).

Anything less than an improvement on the September release is almost certain to propel the Pound CAD exchange rate back up through 2.0300.

US Dollar (USD) Exchange Rate Forecast to Hold Steady ahead of Michigan Confidence Survey

The final data release of note for the week comes at 1400hrs GMT with the latest Michigan Confidence Survey in the US.

The Federal Reserve left the door firmly open to a December interest rate hike on Wednesday night – a strong print from this key sentiment index would therefore strongly favour the Buck.

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