Latest Currency News Continued - page 2

The Pound to Dollar (GBP/USD) exchange rate has edged higher to near 1.2685 on Tuesday as the dollar has lost ground against European currencies. US yields have continued to move in favour of the dollar over the past 24 hours, but the US currency has failed to benefit and Scotiabank sees scope for further GBP/USD gains if there is a sustained break above 1.2665. US developments are liable to dominate in the short term...

Given concerns that US inflation data will again rattle markets this week, GBP/USD may struggle to hold above the 1.2600 level. The Dollar posted strong gains in an initial reaction to the US jobs data, but failed to hold the gains. In this context, the Pound to Dollar (GBP/USD) exchange rate found support around 1.2575 and rallied back above the 1.2600 level. ING noted the dollar’s failure to hold gains; “Perhaps...

Foreign exchange strategists at Nordea expect that the Pound to Dollar exchange rate (GBP/USD) will secure a limited advance to 1.29 at the end of 2024. MUFG and NatWest have similar forecasts of 1.30, but Danske Bank’s most recent update continued to forecast 1.18 at the end of 2024. Despite fluctuations during the week amid shifting US data releases, GBP/USD was little changed for the week just above 1.26. The...

Currency strategists at Nordea forecast that the Pound to Euro exchange rate (GBP/EUR) will strengthen to 1.19 at the end of 2024 with a further advance to 1.22 at the end of 2025. MUFG, however, expects a Sterling-Euro retreat to 1.1560 at the end of this year. GBP/EUR overall lost ground during the week with 7-day lows near 1.1650. The data releases had only a limited impact, but final data for the PMI...

Foreign exchange analysts at MUFG forecast that the Euro to Dollar (EUR/USD) exchange rate will strengthen to 1.12 at the end of 2024 as the Fed cuts rates. In contrast, Credit Agricole expects a retreat to 1.05 amid Euro-Zone economic vulnerability. The Euro to Dollar (EUR/USD) exchange rate was subjected to choppy trading during the week. Initial gains to 6-week highs reversed sharply after weaker-than-expected...

The Pound to Euro (GBP/EUR) exchange rate dipped to 1-week lows near 1.1650 on Wednesday before a tentative recovery and was held below 1.1660 on Thursday. The latest business confidence data suggests that the gap between the UK and Euro-Zone economies has narrowed with a tentative recovery in the Euro-Zone while UK growth appears to have slowed slightly. This convergence will maintain the risk of limited Pound losses...

The Pound to Dollar exchange rate (GBP/USD)was unable to make any headway into the New York open, but received a significant boost after weaker-than-expected US business confidence data and strengthened to test the 1.2600 level. Scotiabank noted the lack of progress earlier but added; “A move back above 1.2600 should see spot gains extend to the mid/upper 1.26s.” Comments from Fed Chair Powell will be watched...

The Pound to Euro (GBP/EUR) exchange rate has edged back above 1.1700 on Tuesday. UK equity markets have made further gains after the re-opening of domestic markets following the Easter holidays. The PMI data also indicated that UK manufacturing is out-performing the Euro-Zone. The FTSE 100 index briefly broke above the 8,000 level and close to record highs with the firm global tone helping to underpin the Pound. ING...

Foreign exchange analysts at Danske Bank see scope for the Euro to Dollar exchange rate (EUR/USD) to strengthen to 1.10 on a 2-month view, but forecasts a fresh retreat to 1.05 on a 12-month view. ING sees scope for near-term EUR/USD losses on hawkish Fed commentary, but forecasts significant gains to 1.14 at the end of this year. During the week, EUR/USD dipped to 5-week lows at 1.0775 and settled just below 1.0800...

Bank of America analysts notes positive calendar effects for the Pound Sterling in April It added; “Supported by favorable carry trades and a benign risk environment, GBP is poised for strength in April, benefiting from seasonal trends. It sees scope for GBP/USD to strengthen to 1.30 in April. ING has a year-end GBP/USD forecast of 1.30, but expects a struggle to move above this level. Danske Bank sees scope for...