TRY, GBP, NZD, INR Exchange Rates Fluctuate Today, FOMC Forecast to Cause Currency Movement
Turkish Lira (TRY) Exchange Rate Softer against Pound
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The Lira softened in response to the news that business sentiment in the region eased from 107.6 in September to 106.9 in October.
It had been forecast that the index would come in at 107.2.
With Turkey’s Consumer Confidence index due out on Thursday and the nation’s trade balance figures scheduled for publication on Friday, additional Turkish Lira (TRY) exchange rate movement can be expected.
The Pound Sterling to Turkish Lira (GBP/TRY) exchange rate is currently trading in the region of 3.6002.
Pound Sterling (GBP) Exchange Rate News
The Pound Sterling exchange rate was trending higher against the US Dollar (GBP/USD) on Monday thanks to upbeat UK news and disappointing US figures. A better-than-forecast UK Reported Sales report from the Confederation of British Industry pushed the Pound higher against several of its peers.
Calls from one Bank of England policymaker for UK interest rates to be raised immediately also helped the Pound gain, as did bets that the currency’s recent drop had been excessive.
However, while the Pound was trending in a stronger position against the US Dollar, Canadian Dollar and Swiss Franc, it remained around the day’s opening levels against both the Euro and Australian Dollar.
The Pound Sterling to Euro (GBP/EUR) exchange rate is currently trading in the region of 1.2689.
New Zealand Dollar (NZD) Exchange Rate Forecast
The New Zealand Dollar put on a show of strength at the beginning of the week. The commodity-driven currency was trading higher against the Pound, Australian Dollar and US Dollar after posting notable declines last week following the release of concerning domestic inflation figures.
With the rate of inflation in New Zealand slowing by considerably more than anticipated in the third quarter of the year, it seems increasingly likely that the Reserve Bank of New Zealand will keep interest rates on hold for the foreseeable future.
However, renewed risk appetites and bets that the Federal Reserve will also hold off on increasing borrowing costs lent the New Zealand Dollar support and pushed the GBP/NZD exchange rate lower by 0.3%.
Given that influential UK data is lacking this week, the ‘Kiwi’ could maintain its stronger position against the Pound in the days ahead.
That being said, if the RBNZ is particularly dovish in its policy statement, the New Zealand Dollar could soften.
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate is currently trading in the region of 2.0414.
Indian Rupee (INR) Exchange Rate to be driven by US News
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate rose by over 0.5% on Monday amid a dearth of Indian data and some positive UK developments.
The Rupee was able to strengthen against the US Dollar however as demand for the ‘Greenback’ waned amid less-than-impressive services and housing data for the US.
As the week progresses there are no Indian reports to be aware of, but the Rupee could fluctuate in response to the US Federal Open Market Committee interest rate decision/policy announcement. A delay to the ending of the US quantitative easing programme would support demand for higher-risk currencies like the Rupee.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate is currently trending in the region of 98.8370