Pound Sterling Vs Rand, Norwegian Krone, Swedish Krona And Danish Krone Exchange Rate Forecast To Weaken After CBI - GBP/NOK, GBP/DKK, GBP/ZAR & GBP/SEK Fall

Published: 20 Oct 2017 21:24 Forex

pound sterling exchange rate today

British Pound Edges Lower against NOK, SEK, ZAR and DKK after UK Growth Release

Prior to the publication of the UK’s growth data for the first three months of 2015, the Pound softened slightly against a number of its most-traded currency counterparts. The Confederation of British Industry’s Industrial Trends Survey showed a slowing in the pace of expansion in the UK’s Manufacturing sector and revealed lacklustre export growth. The data did little to support Sterling and the British currency dipped as investors dwelt on the uncertainty surrounding the UK general election.

There were positives to be found in the data though. CBI Director General Katja Hall said of the result; ‘It’s encouraging that out manufacturers are seeing – and expect to see – continued growth, with rates of expansion still above average. Exports keep dragging at the heels of growth, firms are finding the recent rise in the Pound against the Euro challenging, making them less competitive in Europe, while the unravelling situation in Greece is creating uncertainty.’

A quick foreign exchange market summary before we bring you the rest of the report:

On Friday the Swedish Krona to British Pound exchange rate (SEK/GBP) converts at 0.074

The GBP to SEK exchange rate converts at 13.501 today.

At time of writing the pound to south african rand exchange rate is quoted at 23.86.

The GBP to DKK exchange rate converts at 8.735 today.

At time of writing the pound to norwegian krone exchange rate is quoted at 13.688.

Please note: the FX rates above, updated 29th Mar 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.

GBP/NOK, GBP/SEK Decline During European Trading

As the local session progressed, the Pound lost over 0.1% against the Norwegian Krone and slid by almost 0.3% against the Swedish Krona. As the week continues, the GBP/NOK exchange rate could be affected by Norway’s Business Confidence, Retail Sales, Unemployment and Manufacturing PMI reports. Encouraging results would lend the Krone support and could push the European currency higher against its British peer.

Meanwhile, the Pound Sterling to Swedish Krona currency pair was trending around the 13.0513 level ahead of the release of Sweden’s Consumer/Business Confidence, Retail Sales, Trade Balance and Producer Price data – all scheduled for release on Tuesday. Although consumer confidence and annual retail sales growth are believed to have eased, business confidence is expected to show improvement. Of course, the UK’s first quarter growth data will also be impacting both the GBP/NOK and GBP/SEK currency pairs.

The GBP/NOK exchange rate hit a low of 11.7612

Pound to Danish Krone (GBP/DKK) Slightly Lower, Pound to Rand (GBP/ZAR) Exchange Rate Down as Rand Recovers Losses

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As well as slipping against the Norwegian Krone and Swedish Krona, the Pound fell against the Rand and Danish Krone on Monday. Denmark is set to publish its Business Confidence and Unemployment Rate data later this week. Both ecostats are expected to show improvement, and if that proves to be the case the GBP/DKK exchange rate may fall below the 10.4000 level.

Although the South African Rand recorded notable declines last week due to a number of domestic and foreign concerns, the emerging market currency was able to firm slightly on Monday as investors speculated on the likelihood of the Federal Reserve delaying an interest rate adjustment until the end of this year or the beginning of next.

The Pound to rand (GBP/ZAR) exchange rate was trading in the region of 18.3100

South African data is in short supply until Thursday, when the nation will publish private sector credit numbers, its domestic producer price index and trade balance stats. Of course energy supply concerns and social unrest will also continue having an impact on the appeal of the Rand.

Economists have forecast that the UK’s GDP report will show a slowing in growth from 0.6% to 0.5% in the first quarter.

A figure below this level would have a negative impact on demand for the Pound.

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