STORY LINK Forex Forecast : Rate Predictions For GBP, USD, EUR, AUD, CAD
Forex Forecast : Rate Predictions For GBP, USD, EUR, AUD, CAD
POUND STERLING
UK Retail Sales data for July, released this morning, showed that British shop sales are contracting on an annualised basis. However, the Pound has traded steadily following the figure, as it continues to find support as the other majors also struggle for direction. NEAR-TERM OUTLOOK ? NEGATIVE.
US DOLLAR ? The Pound Dollar exchange rate (GBP/USD) is 1.6496
This afternoon?s US inflation data showed that domestic prices rose at an increased pace in July, providing further evidence that the US economy is in need of a tightening of monetary policy. With the Fed stating that interest rates will be kept low for the next two years, in reality this inflation data simply makes the much vaunted US QE3 asset purchase programme a more distant prospect. NEAR-TERM OUTLOOK ? NEUTRAL.
EURO ? The Pound Euro exchange rate (GBP/EUR) is 1.1507
The Euro has suffered some downside on the day as it continues its weakening bias of recent sessions. The market remains unconvinced that Eurozone leaders have a cogent plan to tackle Europe?s sovereign debt problems and this morning?s whole-of-Eurozone data showing that the single economic area?s construction sector is in contraction, have further hindered the Euro. NEAR-TERM OUTLOOK ? NEUTRAL TO NEGATIVE.
AUSTRALIAN DOLLAR ? The Pound Australian Dollar exchange rate (GBP/AUD) is 1.5819
Australian weekly wage data, released overnight, came out higher than expected, providing some upside for the Australian Dollar. However, the positive effect of these earnings numbers was cancelled out by losses for European stock markets which evidenced that global appetite for risk is once again on the wane, LEADING THE Aussie lower on the day. NEAR-TERM OUTLOOK ? NEUTRAL TO NEGATIVE.
CANADIAN DOLLAR? The Pound Canadian Dollar exchange rate (GBP/CAD) is 1.6358
A better-than-anticipated set of Canadian Leading Indicators figures has failed to prevent the CAD from losing further ground on the markets today. The Canadian Dollar has suffered more than most currencies as a result of the global stock market correction of the early part of this month and with recent data pointing to a probable slowdown in the world economic recovery, further selling pressure is possible for the Canadian Dollar. NEAR-TERM OUTLOOK ? NEGATIVE.
For other live currency exchange rates and a currency converter see the currency news website.
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Source: http://www.currencynews.co.uk/forecast/20110818-688_forex-predictions-gbp-usd-eur-aud-cad.html
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