Latest Currency News Continued - page 6

The Pound to Dollar exchange rate (GBP/USD) found support close to 1.2750 on Tuesday and rallied to test the 1.2800 level and traded close to this level on Wednesday. The dollar was resilient while the Pound was supported by firm risk conditions with the UK FTSE 100 index looking to build on Tuesday’s 1.0% gains. A break above 1.2815/20 is needed to underpin the case for short-term GBP/USD gains towards 1.30. Bank...

The Pound to Euro (GBP/EUR) exchange rate has found support just below 1.17 and edged above this level after the UK GDP data. The Pound and Euro have both benefitted from robust risk conditions with the US S&P 500 index posted a fresh record high overnight while several European bourses have also posted record highs. Apart from gains in equities, there have been no major Euro-Zone developments over the past 24...

The Pound to Dollar exchange rate (GBP/USD) lost the 1.2800 level after the UK wages data and dipped further after stronger than expected US consumer prices data. GBP/USD dipped to near 1.2750 in immediate reaction to the data and after a brief recovery, there was a further test of 1.2750 after the Wall Street open with choppy trading conditions. The dollar overall was significantly higher after the data and GBP/USD will...

The dollar spiked higher in immediate reaction to the stronger-than-expected consumer prices data, but it failed to hold the gains. The Euro to Dollar (EUR/USD) exchange rate dipped to near 1.09 before a rebound to around 1.0940. After losses following the UK wages data, the Pound to Dollar (GBP/USD) exchange rate also slumped to near 1.2750 before recovering to near 1.2800. There will still be the risk of an adverse...

The Pound to Dollar exchange rate (GBP/USD) lost the 1.2800 level after the UK wages data and dipped further after stronger than expected US consumer prices data. GBP/USD dipped to near 1.2750 in immediate reaction to the data and after a brief recovery, there was a further test of 1.2750 after the Wall Street open with choppy trading conditions. The dollar overall was significantly higher after the data and GBP/USD will...

The Pound Sterling retreated on Tuesday after slightly softer than expected UK labour-market data with markets slightly more confident over a Bank of England (BoE) rate cut by August. The Pound to Euro (GBP/EUR) exchange rate retreated to test 1.1700 from Monday highs at 1.1750 and further away from key resistance at 1.1765. The Pound did secure some protection from gains in UK equities with a 0.8% advance for the FTSE...

Important data came early in Tuesday’s session as the UK Jobs Report was released ahead of the LSE open. This contributed to a large gap higher in the FTSE which opened around 0.85% higher near the 2024 peak of 7748 while the Pound dropped moderately, allowing EUGBP to make further small gains towards 0.855. UK Jobs Report Hot on the heels of a mixed US Jobs report, the UK releases showed some similar cooling. The...

Foreign exchange analysts at CIBC expect the Pound to Euro exchange rate (GBP/EUR) to strengthen to 1.19 at the end of the second quarter. MUFG expects risk conditions will be important; “the current favourable low volatility market conditions for carry trades that favour the pound more than the euro.” GBP/EUR was unable to make any headway early in the week, but strengthened to 3-week highs just above 1.1750 on...

Goldman Sachs expects that the Bank of England, Federal Reserve and ECB will all cut rates in June with the Pound to Dollar exchange rate (GBP/USD) strengthening to 1.35 on a 12-month view. According to HSBC the Pound will eventually lose ground; “We think that the main driver of the likely weakness for the GBP is the slow but clear pivot by the BoE towards a more dovish stance.” The Pound to Dollar (GBP/USD)...

Foreign currency strategists at CIBC forecast the Euro to Dollar exchange rate (EUR/USD) to strengthen to 1.12 at the end of 2024 and 1.16 by 2025-2026. Danske Bank still favours selling rallies; “look for strategic selling opportunities and sell on near-term rallies as the ongoing trend of strong US macro data continues.” The Euro to Dollar (EUR/USD) exchange rate strengthened to 8-week highs at 1.0980 after...