Today's exchange rate forecasts and FX report for the British Pound (currency:GBP) to Rand (currency:ZAR), the Swedish Krona (currency:SEK), Norwegian Krone (currency:NOK) and Danish Krone (currency:DKK) conversion rates today.
Sterling fell against almost all of its currency counterparts on Monday in response to a less-than-impressive UK construction report. The data followed last week’s disappointing manufacturing PMI and showed an unexpected drop from 59.4 to 57.6. A reading of 59.0 had been envisaged.
David Noble of the Chartered Institute of Procurement and Supply said of the result; ‘The sector continues on its levelling path this month, with procurement and supply management professionals reporting continued strong growth but with a weaker trajectory than that seen in recent months. The sector is still expanding with the index posting at a higher level than the longer-term average, and led primarily by residential development - but it has become a victim of its own success as it struggles to keep up with its own speed of recovery.’
As December’s Manufacturing PMI saw Bank of England interest bets pushed back to 2016, today’s construction stat left the Pound trending lower during the European session.
Before we bring you the latest analysis, forecasts and predictions for these currencies, let's look at today's updated forex rates:
On Saturday the South African Rand to British Pound exchange rate (ZAR/GBP) converts at 0.042
The GBP to ZAR exchange rate converts at 23.865 today.
At time of writing the pound to norwegian krone exchange rate is quoted at 13.627.
The live inter-bank GBP-SEK spot rate is quoted as 13.499 today.
FX markets see the pound vs danish krone exchange rate converting at 8.66.
NB: the forex rates mentioned above, revised as of 20th 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
The Pound to Rand exchange rate was one of the casualties of the UK’s below-forecast construction PMI.
The GBP/ZAR pairing shed around 0.4% to trade in the region of 12.0900. The only South African report scheduled for publication this week is the nation’s Total New Vehicle Sales number for December.
Next week is far more data-heavy for the emerging market nation, with manufacturing production/PMI figures and Retail sales stats due out.
Pound to Norwegian Krone Rate Today: GBP/NOK
The Pound to Norwegian Krone exchange rate was trending in the region of 11.6190, little changed on the day’s opening levels.
While Sterling posted notable losses against rivals like the US Dollar and Australian Dollar, the British currency was able to hold its own against the Norwegian Krone.
Pound to Swedish Krona Today: GBP/SEK
After the UK’s Construction PMI disappointed, the Pound to Swedish Krona exchange rate fell by 0.5%. The pairing moved between highs of 12.1935 and lows of 12.0568.
Tuesday’s UK reports could have an impact on the GBP/SEK pairing, but investors will also be looking ahead to Wednesday and the release of Sweden’s Services PMI for December.
The measure is believed to have advanced from 56.9 to 57.5.
Pound to Danish Krone Today: GBP/DKK
Like the Pound to Norwegian Krone exchange rate, the Pound to Danish Krone exchange rate was little affected by the UK’s construction report.
The pairing remained around the 9.5030 level for much of the European session. Tomorrow’s Danish Unemployment and Business Confidence numbers could have an impact on GBP/DKK trading.