The Pound Sterling to Euro (GBP/EUR) exchange rate fell in the first half of Friday’s European trading ahead of Markit’s UK Manufacturing figure, while the Pound Sterling to US Dollar (GBP/USD) and Pound Sterling to Canadian Dollar (GBP/CAD) exchange rates were trending higher before Canadian RBC Manufacturing and US ISM Manufacturing.
The Pound Sterling to Euro (GBP/EUR) and Pound Sterling to US Dollar (GBP/USD) exchange rates were both trading lower on Thursday after US jobless claims fell to the lowest level since 2000, allowing investors to forecast Federal Reserve rate hikes in the near future; the Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate climbed.
Earlier… The Pound Sterling to Euro (GBP/EUR) exchange rate sank in the first half of Thursday’s European session as investors forecast upbeat Eurozone inflation data after the German Consumer Price Index (CPI) printed more favourably than forecast on Wednesday, and the German Unemployment Rate remained steady at 6.4% in April.
Looking like eurozone Q1 growth could be about 10-15 times higher than US growth #Euroboom2015
— Mike Bird (@Birdyword) April 29, 2015
Earlier… The Pound Sterling to Euro (GBP/EUR) exchange rate sank on Wednesday after German Consumer Price Index stats printed more favourably than forecast, while the Pound Sterling to Canadian Dollar (GBP/CAD) and Pound Sterling to US Dollar (GBP/USD) exchange rate climbed after US Gross Domestic Product (GDP) figures dropped.
The Euro exchange rate was offered some support when German inflation reached 0.3% in April on the year, from March’s 0.1%.
Meanwhile, the US GDP growth tanked to 0.2% annualised in the first quarter from the previous 2.2%, rather than the 1.0% forecast.
On the upside, US Personal Consumption slipped less than predicted from 4.4% to 1.9% in the first quarter, rather than the 1.7% estimate.
Good news: #Europe now racing to outperform #US in growth terms… a snail chasing a lame duck sort of race…
— Constantin Gurdgiev (@GTCost) April 29, 2015
Earlier… The Pound Sterling to Euro (GBP/EUR), Pound Sterling to Canadian Dollar (GBP/CAD) and Pound Sterling to US Dollar (GBP/USD) exchange rates were all trending higher in Wednesday’s European trading after UK House Prices rose 1.0% in April, and ahead of US Gross Domestic Product (GDP) ecostats.
Nationwide report annual house price inflation up to 5.2% in April after slowing to 18-month low of 5.1% in March from 11.8% in mid-2014
— Howard Archer (@HowardArcherUK) April 29, 2015
Earlier… The Pound Sterling to Euro (GBP/EUR) exchange rate was trending in a narrow range on Tuesday while the Pound Sterling to Canadian Dollar (GBP/CAD) and Pound Sterling to US Dollar (GBP/USD) exchange rates climbed despite a fall in UK Gross Domestic Product (GDP) figure and a major slip in US Consumer Confidence.
The UK’s GDP ecostat slipped from 3.0% to 2.4%, slightly lower than the 2.6% forecast.
Meanwhile, US Consumer Confidence recorded a fall from a positively revised 101.4 to 95.2 in April.
Much lower than expected US consumer confidence sends #dollar #USD lower. #GBPUSD above 1.5300, #EURUSD at 1.0965
— Angus Campbell (@AngusJMCampbell) April 28, 2015
Fall in US consumer confidence attributed to a lackluster recent labor market and apprehension about the short-term outlook
— Joshua Mahony (@JMahony_IG) April 28, 2015
With a significant weakening in US data recently, it’s highly possible the Federal Open Market Committee (FOMC) will turn rather dovish in this week’s policy meeting and it may be a while yet before the Federal Reserve implement higher interest rates.
Meanwhile, oil prices rose to a four-month high on Tuesday at $60 per barrel.
Earlier… The Pound Sterling to Euro (GBP/EUR), Pound Sterling to Canadian Dollar (GBP/CAD) and Pound Sterling to US Dollar (GBP/USD) exchange rates were all trending higher in Tuesday’s European trading ahead of UK Gross Domestic Product (GDP) figures.
Earlier… The Pound Sterling to Euro (GBP/EUR), Pound Sterling to Canadian Dollar (GBP/CAD) and Pound Sterling to US Dollar (GBP/USD) exchange rates were all trading lower on Monday after the CBI Business Optimism Index fell from 15 to 3 in quarter two.
Meanwhile, the Canadian Dollar exchange rate was bolstered against other currency majors as a result of Friday’s upbeat Bank of Canada (BOC) statements.
Earlier… The Pound Sterling to Euro (GBP/EUR) exchange rate was trading within a narrow range on Monday while the Pound Sterling to Canadian Dollar (GBP/CAD) and Pound Sterling to US Dollar (GBP/USD) exchange rates were trending lower.
Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast
The Pound Sterling to Euro (GBP/EUR) exchange rate is trading within a relatively quiet day for data. The Confederation of British Industry (CBI) is expected to release its Trends Selling Prices, Trends Total Orders and Business Optimism figures, which are forecast to mildly impact Pound Sterling trading.
However, the Euro to Pound Sterling (EUR/GBP) exchange rate could be in for swings with several European Central Bank (ECB) officials due to speak throughout Monday’s European session. Furthermore, the ECB is scheduled to announce its latest asset purchases; an event that economists believe could carry a large impact for the Euro exchange rate.
Wednesday will be a big day for the EUR/GBP currency pair with the release of the German Consumer Price Index (CPI). Investors will be keeping a close eye on inflation figures for the currency bloc’s largest economy ahead of Thursday’s Eurozone CPI release.
Thursday will also bring German Unemployment Change and Unemployment Rate stats which could have a major impact on the Euro to Pound Sterling (EUR/GBP) exchange rate.
Additionally, the Pound Sterling to Euro (GBP/EUR) exchange rate is likely to be influenced by ongoing Greek negotiations which are continuing very slowly.
Pound Sterling to US Dollar (GBP/USD) Exchange Rate Forecast
The Pound Sterling to US Dollar (GBP/USD) exchange rate is forecast for fluctuations later in Monday’s trading with the release of Markit’s April US Composite and Services Purchasing Managers Indexes (PMI). Any further advancement above the 50.0 expansionary benchmark could allow the US Dollar to Pound Sterling (USD/GBP) exchange rate to jump.
Additionally, the US Dallas Federal Reserve Manufacturing Activity Index is expected to rise from -17.4 to -12 in April which could help prop up the USD/GBP currency pair.
Tuesday’s going to be a major day for US Dollar trading with the release of US Consumer Confidence data. Wednesday will also be another major day when the US first quarter Gross Domestic Product (GDP) figures emerge. Additionally, Wednesday will see the Federal Open Market Committee (FOMC) announce its latest interest rate decision, which could cause major US Dollar exchange rate movement.
Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Forecast
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate is predicted to be in for an interesting day of trading on Thursday with the release of the Canadian Gross Domestic Product figure. The February ecostat is forecast to record a decline from 2.4% to 2.0% on the year, which could be an event that sees the ‘Loonie’ exchange rate fall.
The Canadian Dollar to Pound Sterling (CAD/GBP) exchange rate will also fluctuate this week on account of oil price changes. Crude oil is Canada’s largest export and therefore any adjustments in value can cause major ‘Loonie’ fluctuations.
Pound Sterling (GBP) Exchange Rate Forecast – GBP/CAD, GBP/USD, GBP/EUR
The Pound Sterling exchange rate is in for an interesting few days, with Tuesday seeing the release of the UK Gross Domestic Product (GDP) stat. Friday will bring Markit’s UK Manufacturing PMI while UK Mortgage Approvals and Net Consumer Credit figures will also emerge.
Any Bank of England (BoE) statements out over the course of the week could also impact Pound Sterling trading.
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate is reaching 1.8514. The Pound Sterling to US Dollar (GBP/USD) exchange rate is trending in the region of 1.5475; the Pound Sterling to Euro (GBP/EUR) exchange rate is trading at 1.3861.