Pound Sterling Exchange Rate Forecast: GBP/EUR, GBP/USD, GBP/AUD, GBP/CAD – UK NIESR Gross Domestic Product (GDP) Estimate Ahead
Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast
The Pound Sterling to Euro (GBP/EUR) exchange rate climbed on Friday ahead of UK Manufacturing Production and Industrial Production figures. However, Eurozone data is extremely thin on the ground today, lending a lot of the Euro’s movement to global developments and any escalation in the situation between Greece and its creditors.
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Greece has been given six days to come up with new reform plans in the hope that a deadline would kick-start the negotiations which have been ongoing since the start of the year. With little progress being made thus far, some experts have suggested that talks may continue for months to perhaps no avail.
The GBP/EUR exchange rate may fluctuate further on Friday with the release of the UK NIESR Gross Domestic Product Estimate.
Pound Sterling to US Dollar (GBP/USD) Exchange Rate Forecast
The Pound Sterling to US Dollar (GBP/USD) exchange rate could be pressured lower if any unfavourable ecostats emerge. On the year, Manufacturing Production is expected to slip from 1.9% to 1.3% in February while Industrial Production is forecast to slip from 1.3% to 0.3%.
Foreign exchange market analyst Michael Hewson stated: ‘The potential for a return to the March lows of $1.4630, and possibly even lower, as we head towards the election next month, with the 2010 lows at $1.4230 now in play. To stabilise we need to move beyond the $1.5000 areas, which has capped every rally for the last week.’
The US Monthly Budget Statement data is still to come in Friday’s session.
Pound Sterling to Canadian Dollar (GBP/CAD) Exchange Rate Forecast
The Pound Sterling to Canadian Dollar (GBP/CAD) exchange rate was trending in a narrow range on Friday ahead of the highly influential Canadian Unemployment Rate and Net Change in Employment figures. Unemployment has been forecast to rise from 6.8% to 6.9% in March, a development that could be extremely unfavourable for the ‘Loonie’ exchange rate.
Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast
The Pound Sterling to Australian Dollar exchange rate began Friday’s European session trading in a tight range after Australian ecostats were released overnight. Australian Home Loans figure rose by only 1.2% in the month of February rather than the 3.0% forecast. January’s contraction was positively revised to -1.7%.
Australian Investment Lending slipped by -3.4% in February, after January’s -0.3% contraction. However, Chinese data printed favourably when the Consumer Price Index remained at 1.4% on the year in March rather than sinking to 1.3% as predicted.
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is reaching 1.9118. The Pound Sterling to Canadian Dollar (GBP/CAD) resides at 1.8523. The Pound Sterling to US Dollar (GBP/USD) exchange rate is trading at 1.4690. The Pound Sterling to Euro (GBP/EUR) exchange rate is trending in the region of 1.3828.