Pound Exchange Rates Predicted to Shed Budget Gains
GBP Ends the Week on Uncertain Performance Today
The Pound Sterling seems set to enter the weekend on a less-than-impressive note, given the relatively unsupportive nature of the day’s UK domestic data.
The third quarter GDP figures have met with forecasts, printing 2.3% annually and 0.5% on the quarter. The Gfk Consumer Confidence Survey, however, has declined on predictions by falling from 2 points to 1 instead of remaining stagnant.
These figures aren’t tremendously beneficial to the UK economy, especially as growing numbers must be provided by results in order to match up with the loft aspirations set out by the Autumn Statement.
Potential Turkish-Russian Resolution Raises Turkish Lira (TRY) Value against Pound Sterling (GBP) Today
The Pound Sterling has failed to maintain its major lead against the Turkish Lira that was established yesterday.
The prior advance came about due to Turkish-Russian relations deteriorating to the point of the latter nation imposing trade sanctions on the former.
However, Turkish Prime Minister Ahmet Davutoglu has stated today that his government will ‘work with Russia and our allies to calm tensions’. This has already boosted the value of the Lira considerably, therefore making the Pound perform poorer against it.
A quick foreign exchange market summary before we bring you the rest of the report:
On Saturday the Japanese Yen to British Pound exchange rate (JPY/GBP) converts at 0.005
At time of writing the pound to japanese yen exchange rate is quoted at 191.256.
The GBP to TRY exchange rate converts at 40.181 today.
The GBP to INR exchange rate converts at 103.121 today.
At time of writing the pound to swiss franc exchange rate is quoted at 1.126.
Please note: the FX rates above, updated 20th Apr 2024, will have a commission applied by your typical high street bank. Currency brokers specialise in these type of foreign currency transactions and can save you up to 5% on international payments compared to the banks.
The Pound Sterling has made varying movements against the Japanese Yen (JPY), the Turkish Lira (TRY) and the Indian Rupee (INR) today.
This has come after the Pound has fallen in the wake of the Autumn Statement being announced by Chancellor George Osborne yesterday.
Osborne abandoned his plans to cut tax credits but is expected to make up the slack in heavy cuts in spending on the departments of Transport, Energy and the Environment.
One of the largest concerns to the statement’s content has been that Osborne’s optimistic attitude was largely based on a positive forecast from the Office of Budget Responsibility.
The Pound is expected to move when the UK Q3 GDP figures come out tomorrow, along with the Gfk Consumer Confidence Survey for November. Both are expected to repeat on their previous positive results.
Foreign Exchange Forecast: JPY-GBP Conversion Rate makes No Movement Today ahead of Crucial Inflation Rate Result
The Japanese Yen has made little process whatsoever against the Pound Sterling today, with the efficacy of ‘Abenomics’ hanging in the balance based on future Japanese figures. Yesterday, the Japanese government made no changes to its basic economic assessment, but lowered the rating given on company capital spending. Small Business Confidence in November rose from 48.7 points to 49.9, although this doesn’t seem to have been sufficient for a Yen rally.
Tonight, the Yen will be moved by the country’s annual National Inflation Rate figure for October, which was forecast to rise from 0% to 0.3% at the time of writing.
The Japanese Yen has reached a stalemate of 0.0054 against the Pound Sterling today, while the Pound Sterling has fallen to 184.8000 against the Japanese Yen.
Turkish Lira Forecast: TRY Still Soft Today as Tensions Remain Between Turkey and Russia
The Turkish Lira has remained in a softened state today, something that began on Tuesday when the Turkish Air Force shot down a Russian warplane that was allegedly flying within Turkish borders. One of the pilots was killed and the other rescued, but the long-term impacts are already being felt with tourist agencies suspending all sales of holidays to Turkey. The exact details of the incident are coming out on a daily basis, but for now the situation remains extremely tense between both countries.
The next Turkish data out will be tomorrow’s Tourist Arrivals result for the year in October. A decline of -2.1% is forecast, but a far greater dive is expected to occur in a month’s time for November’s result.
The Turkish Lira has fallen to 0.2283 against the Pound Sterling today, while the Pound Sterling has taken a victory of 4.3837 against the Turkish Lira.
INR-GBP Conversion Rate Declines Heavily Today as Rising Oil Price Reduces Rupee Appeal
The Indian Rupee has fallen against all of its competitors today owing to a lack of domestic data and the rising price of crude oil per barrel. The commodity cost has risen from below $42.00 to over $43.00 today; although minor, this result has still been detrimental towards the value of the Rupee.
The last Indian data of the week will come tomorrow with the release of the Bank Loan Growth, Deposit Growth and Foreign Reserves figures for mid-November.
The Indian Rupee has slipped to 0.0100 against the Pound Sterling today while the Pound Sterling has climbed up to 100.4600 against the Indian Rupee.