Curency Rates Outlook For Pound Sterling To Dollar, Euro & New Zealand Dollar

Published: 28 Mar 2014 00:35

The Pound Dollar exchange rate (GBP/USD) moved higher during the day’s early trading session. Sterling benefited from a very strong February retail sales report which saw gains almost across the board. The Office for National Statistics (ONS) revealed an increase of 1.7% in February which represented a very significant turnaround from January’s decrease of 2%.

The Pound Euro exchange rate (GBP/EUR) increased strongly against a backdrop of a strong UK retail sale print and Eurozone uncertainty. German business sentiment moved downwards in March reflecting decreasing confidence in the Economic recovery. Traders now fear additional monetary easing in the Eurozone and are therefore unwinding long Euro positions. Mario Draghi the European Central Bank (ECB) President stated that further monetary stimulus is possible if the situation persists.

The Pound New Zealand Dollar exchange rate (GBP/NZD) retracted on the back of strong domestic data. The Antipodean nation’s trade surplus increased substantially during February. The trade surplus grew to NZD 818m – 36% ahead of analysts’ forecasts. The growth in the trade surplus comes shortly after a 0.25% increase in the base rate of interest and therefore traders see further upside for the Kiwi Dollar in the near term future.

Key Pound Sterling Exchange Rates (Updated: 00:30 GMT 28/03/2014)

The Pound Sterling to Australian Dollar exchange rate is trading down -0.16% at 1.78882 GBP/AUD.

The Pound Sterling to Canadian Dollar exchange rate is trading down -0.07% at 1.83068 GBP/CAD.

The Pound Sterling to Swiss Franc exchange rate is trading up +0.07% at 1.47336 GBP/CHF.

The Pound Sterling to Euro exchange rate is trading up +0.03% at 1.20903 GBP/EUR.

The Pound Sterling to New Zealand Dollar exchange rate is trading down -0.22% at 1.91199 GBP/NZD.

The Pound Sterling to US Dollar exchange rate is trading up +0.04% at 1.66135 GBP/USD.

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The Pound Sterling to South African Rand exchange rate is trading up +0.05% at 17.57971 GBP/ZAR.
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