STORY LINK Foreign Exchange Rates : Currency Predictions - GBP, USD, EUR, AUD, HKD
TAGS: American Dollar Forecasts Australian Dollar Forecasts Currency Predictions Euro Forecasts Hong Kong Dollar Forecasts Pound Australian Dollar Forecasts Pound Dollar Forecasts Pound Euro Forecasts Pound Hong Kong Dollar Forecasts Pound Sterling Forecasts
POUND STERLING
The Pound has moved forward against the other majors following the release of figures which showed that UK Retail Sales had unexpectedly grown in June. However, support for Sterling may be short-lived following yesterday?s dovish Bank of England Minutes. NEAR-TERM OUTLOOK ? NEUTRAL.
US DOLLAR ? The Pound Dollar exchange rate (GBP/USD) is 1.6258
With US data releases thin on the ground for the remainder of this week, support for the Greenback will be determined by comments emanating from the Eurozone leader?s meeting in Brussels and from developments in the ongoing US debt stand-off between Republican and Democrat policy-makers. Reports suggesting a resolution of the EU and US debt crises could see the market turn against the Dollar. NEAR-TERM OUTLOOK ? NEUTRAL TO NEGATIVE.
EURO ? The Pound Euro exchange rate (GBP/EUR) is 1.1355
The Eurozone leaders? emergency debt summit got underway earlier today against a back-drop of Euro weakness. A soft German PMI Manufacturing survey and comments by Eurogroup leader Jean-Claude Juncker confirming that a selective default for Greece was a ?possibility? have caused support for Europe?s single currency to ebb. NEAR-TERM OUTLOOK ? NEUTRAL TO POSITIVE.
AUSTRALIAN DOLLAR ? The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5095
The Aussie has traded on the level against the other majors over the last 24 hours as investors sit on their hands and await the outcome of sovereign debt discussions in the US and Eurozone. Positive Japanese trade balance figures released overnight provided some encouragement, but failed to elicit significant AUD support. NEAR-TERM OUTLOOK ? NEUTRAL.
HONG KONG DOLLAR ? The Pound Hong Kong Dollar exchange rate (GBP/HKD) is 12.6715
Poor data released in China overnight, showing that Manufacturing PMI is at a 28-month low, has caused a move against the Hong Kong Dollar. Analysts have suggested that demand for the HKD may remain soft in coming weeks, due to the low scheduled number of Initial Public Offerings on the Hong Kong stock exchange. NEAR-TERM OUTLOOK ? NEGATIVE.
For other live currency exchange rates and a currency converter see the currency news website.
Source: http://www.currencynews.co.uk/forecast/20110721-632_forex-predictions-gbp-usd-eur-aud-hkd.html
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