Foreign Exchange Rate Forecasts For Pound, Dollar, Euro & Swiss Franc

October 8, 2013 - Written by Toni Johnson

STORY LINK Foreign Exchange Rate Forecasts For Pound, Dollar, Euro & Swiss Franc

The POUND STERLING has enjoyed a reasonable session in the currency markets today, losing ground against the Commodity Dollars but registering small gains against most of the other major global tenders. This morning’s assessment from the British Chambers of Commerce that the UK economic recovery is gathering momentum has helped the Pound which is now expected to trade on a NEUTRAL TO POSITIVE footing moving forward.

The US DOLLAR remains friendless in the currency markets thanks to the ongoing Democrat / Republican debt standoff in the States. Tonight’s Federal Reserve minutes could trigger renewed support for the Greenback if they reveal that policy members seriously considered a cut to its $85bn per month Quantitative Easing programme at their most recent get-together. The outlook for the Buck remains NEUTRAL TO NEGATIVE and the current GBP USD exchange rate stands at 1.6112.

The EURO has put in a soft performance so far today, allowing the GBP EUR exchange rate to continue its upward movement of yesterday. The single currency’s progress has been hampered so far this session thanks to a weaker than anticipated set of German Factories Orders data, published earlier. The euro is forecast to trade with a NEUTRAL TO NEGATIVE bias in the lead up to tomorrow’s German Industrial Production numbers and the current GBP EUR exchange rate stands at 1.1867.

The SWISS FRANC has leaked support this morning in spite of better than anticipated domestic Retail Sales numbers for August. Today’s Swiss data has also confirmed that the overall level of unemployment in the Alpine nation remains at an ultra-low 3.0%, however gains for the Swissie will be limited in the short-to-medium term thanks to the Swiss National Bank’s continuing minimum floor of 1.2000 on the EUR/CHF exchange rate. The Franc is forecast to trade with a NEUTRAL bias moving forward and the current GBP CHF exchange rate stands at 1.4572.

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