Latest Forex Forecasts for the British Pound to Rand, Norwegian Krone, Swedish Krona and the Danish Krone Exchange Rates Today
Profit taking saw the Pound Sterling (GBP) exchange rate post broad-based declines ahead of the release of the Bank of England's policy meeting minutes. If the minutes reveal that policymakers were split on the subject of interest rate revisions at the last gathering, Sterling gains can be expected.
Earlier...
Pound Sterling (GBP) Exchange Rate Forecast to Soften amid Rumours of Barclays Jobs Cuts
The British Pound exchange rate declined versus the majority of its most traded currency rivals during Monday’s European session. The main contributing factor to the Pound’s depreciation was rumours regarding the recently announced Barclays jobs cuts. The rumours are that Barclays will be dismissing around 30% of its British staff which is considerably higher than the 19% jobs cut already announced.
The British asset also declined amid fears regarding overvaluation. Last week, a combination of positive domestic data results and hawkish sentiment from Bank of England (BoE) officials (including Governor Mark Carney) caused the Pound to appreciate significantly. This could weigh on monetary policy decisions as BoE officials will be weary of the impact of an overvalued asset when combined with a rate hike.
A quick foreign exchange market summary before we bring you the rest of the report:
On Tuesday the South African Rand to British Pound exchange rate (ZAR/GBP) converts at 0.042
The pound conversion rate (against south african rand) is quoted at 23.666 ZAR/GBP.
At time of writing the pound to danish krone exchange rate is quoted at 8.738.
At time of writing the pound to swedish krona exchange rate is quoted at 13.572.
The GBP to INR exchange rate converts at 103.811 today.
The pound conversion rate (against danish krone) is quoted at 8.738 DKK/GBP.
NB: the forex rates mentioned above, revised as of 16th 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.
Norwegian Krone (NOK) Exchange Rate Dives on Tanking Oil Prices
The Pound Sterling to Norwegian Krone (GBP/NOK) exchange rate rallied by around 0.51% on Monday afternoon.
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With a complete absence of domestic data to drive changes, the Norwegian Krone dived versus the majority of its most traded currency rivals. The depreciation is the result of bearish oil prices. Crude prices dived in response to a strong US Dollar amid bets regarding a Federal Reserve benchmark rate hike
South African Rand (ZAR) Exchange Rate Declines on US Dollar Strength
The British Pound to South African Rand (GBP/ZAR) exchange rate advanced by around 0.67% on Monday afternoon.
As futures traders bring forward bets as to the timing of a Federal Reserve benchmark interest rate hike, the resultant US Dollar strength has caused the South African Rand to decline versus its most traded currency competitors. Additional losses can be related to ongoing difficulties with the nation’s leading energy provider, Eskom. With demand for electricity soaring and the electrical grid struggling to cope, rolling black-outs have become common place and have cost the South African economy a significant amount.
The Pound Sterling to South African Rand (GBP/ZAR) exchange rate was trending within the range of 19.2490 to 19.4040 during Monday’s European session.
Swedish Krona (SEK) Exchange Rate Strengthens on Easing Greek Tensions
The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate dived by around -0.51% on Monday afternoon.
Despite the fact that there was a complete absence of Swedish economic data on Monday, the Krona appreciated versus many of its currency rivals. The uptrend can be linked to positive sentiment regarding the situation in Greece after the Hellenic nation settled some debts with the International Monetary Fund (IMF) and the European Central Bank (ECB).
The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate was trending within the range of 13.3745 to 13.5147 during Monday’s European session.
Danish Krone (DKK) Exchange Rate Forecast to Trend Higher despite Absence of Domestic Data
The Pound Sterling to Danish Krone (GBP/DKK) exchange rate declined by around -0.30% on Monday afternoon.
Very similarly to that of its Swedish counterpart, the Danish Krone advanced versus many of its currency rivals despite a complete absence of domestic data to provoke volatility. Once again, the uptrend is the result of the improving situation in Greece which is good news for those European countries which trade with the Eurozone.
The Pound Sterling to Danish Krone (GBP/DKK) exchange rate was trending within the range of 10.6910 to 10.7660 during Monday’s European session.