Pound Sterling Currency Forecast vs EUR USD CAD

April 19, 2016 - Written by John Cameron

STORY LINK Pound Sterling Currency Forecast vs EUR USD CAD

Pound Sterling (GBP) Exchange Rate Outlook Neutral to Negative

The POUND STERLING (currency : GBP) enjoyed a better day yesterday. However, political analysts forecast that the UK EU In / Out referendum remains too close to call, with the latest poll of polls suggesting that the ‘remain’ campaign currently enjoys a paper-thin 51% - 49% advantage.

With over nine weeks until the vote, the UK unit is expected to trade on a NEUTRAL TO NEGATIVE footing during upcoming sessions.

Euro (EUR) Exchange Rate Outlook Neutral to Negative

The EURO (currency : EUR) continues to hold steady in the global currency markets, despite ongoing concerns regarding the creditworthiness of the euroland’s retail banking sector and the long term drag of the European Central Bank’s Quantitative Easing programme.

This morning’s whole of eurozone and German ZEW Sentiment Surveys could prove market-moving, as could the latest eurozone trade data, out soon.

In the meantime, the shared currency is forecast to trade on a NEUTRAL TO NEGATIVE footing. The GBP EUR exchange rate sits at 1.2608.

US Dollar (USD) Exchange Rate Outlook Neutral

The US DOLLAR (currency : USD) continues to trade in a sideways holding pattern against the Pound.

Market babble regarding another near-term interest rate hike from the US Federal Reserve has cooled, as has support for the Buck. However, indications that the global economy continues to heal following the 2007-09 financial crisis mean that the Fed may be willing to increase rates sooner rather than later.

The Greenback is forecast to trade on a NEUTRAL footing moving forward and GBP USD stands at 1.4277.

Canadian Dollar (CAD) Exchange Rate Outlook Neutral to Positive

The price of a barrel of Crude Oil dropped, but not by much, yesterday, following Sunday’s news that the world’s major oil producers had failed to reach an agreement on limiting supply in Doha.

The fact that oil remains at close to its highest level since the Autumn, in spite of the news, has led analysts to forecast continued support for the CANADIAN DOLLAR (currency : CAD) in the short-to-medium term.

The outlook for the Loonie is therefore NEUTRAL TO POSITIVE and the GBP CAD exchange rate stands at 1.8283.

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