Today's Exchange Rate Forecasts for the Pound Sterling (currency:GBP) to Rand (currency:ZAR), Swedish Krona (currency:SEK), Norwegian Krone (currency:NOK) and Danish Krone (currency:DKK) conversion rates today.
Last week the Pound Sterling exchange rate softened against several of its currency counterparts as the minutes from the latest Bank of England policy meeting were shown to be dovish in tone.
The GBP went on to recover some ground after demand for the relative safety of the Pound was boosted by the Syriza election victory and further decline in commodity prices.
Before we bring you the latest analysis, forecasts and predictions for these currencies, let's look at today's updated forex rates:
On Wednesday the South African Rand to British Pound exchange rate (ZAR/GBP) converts at 0.042
FX markets see the pound vs south african rand exchange rate converting at 23.893.
Today finds the pound to norwegian krone spot exchange rate priced at 13.681.
At time of writing the pound to swedish krona exchange rate is quoted at 13.54.
The live inter-bank GBP-DKK spot rate is quoted as 8.678 today.
NB: the forex rates mentioned above, revised as of 24th Apr 2024, are inter-bank prices that will require a margin from your bank. Foreign exchange brokers can save up to 5% on international payments in comparison to the banks.
Pound to Rand Exchange Rate Today: GBP/ZAR
With demand for higher-risk currencies like the Rand significantly diminished by the Syriza victory in Greece and latest slide in oil prices, the GBP/ZAR exchange rate was able to jump by over 0.8% on Monday.
Some major Rand movement could occur later in the week as South Africa publishes its trade balance figures and the South African Reserve Bank issues its interest rate decision.
South Africa’s Producer Price Index and Private Sector Credit report will also have an impact on the emerging market Rand.
Pound to Norwegian Krone Rate Today: GBP/NOK
The Pound to Norwegian Krone exchange rate climbed by over 0.2% on Monday to achieve a high of 11.7284.
The week’s first Norwegian reports, business confidence and unemployment, are scheduled for release on Wednesday.
The index of business confidence is projected to have rise from 2.0 in the third quarter to 2.5% in the fourth quarter.
The Norwegian unemployment rate is expected to decline slightly in November, easing from 3.8% to 3.7%.
Other data to be aware of this week includes the nation’s retail sales figures.
Pound to Swedish Krona Today: GBP/SEK
As trading got underway for another week, the GBP/SEK currency pair was trading in a narrow range, moving between a high of 12.5384 and low of 12.4306.
Volatility in the Pound to Swedish Krona exchange rate could take place tomorrow as Sweden publishes its trade balance figures and producer price index.
Investors with an interest in the GBP/SEK pairing will also be looking to Thursday, and Sweden’s Business/Consumer confidence gauges and retail sales figures.
Business confidence is believed to have fallen slightly from 107.6 to 107.56 while consumer confidence is expected to have eased to 98.43 from 99.0.
Economists have predicted that retail sales fell by 0.03% on the month in December, taking the annual figure to 2.95%.
Pound to Danish Krone Today: GBP/DKK
The Pound to Danish Krone exchange rate edged slightly lower on Monday amid an absence of influential UK reports.
The GBP/DKK pairing dipped to a low of 9.9170 over the course of the European session.
While the week’s UK reports could cause some GBP/DKK exchange rate volatility, economists will also be focusing on Denmark’s Business Confidence and Unemployment Rate figures, due for release on Thursday.
Business Confidence is projected to improve from a reading of -19 to a reading of -17.33 while the jobless rate is predicted to increase from 3.9% to 4%.
Pound Sterling Outlook
Tomorrow the Pound could experience volatility as a result of the UK’s fourth quarter growth data. If the report shows that the pace of expansion in the UK slowed, Sterling could slide against its currency rivals.
Other UK figures to be aware of this week include the Confederation of British Industry’s reported sales number and the GfK Consumer Confidence Index.