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Exchange Rate Outlook Today: Forecasts for Pound Sterling, Euro, US Dollar, Australian Dollar

A look at the currency markets on Thursday morning shows a comeback by the British pound against a host of currencies while the overall positive tone in the Euro continues to be maintained:

  • The pound to dollar exchange rate is unchanged on last night's close at 1.6226.
  • The euro to dollar exchange rate is 0.25 pct higher at 1.3613.
  • The Australian dollar to US dollar is 0.05 pct higher at 0.9390.

(About these quotes: The above are wholesale figures. Your bank will subtract a discretionary spread to derive profit when delivering or transferring your money. However, an independent FX prover will beat your bank's quote and look to deliver up to 5% more currency. Find out more here).

Outlook for the major foreign exchange pairings

Forecasts are courtesy of Emmanuel Ng, at OCBC Bank.

Outlook for the pound dollar exchange rate

"Cable may continue to creep higher in concert with the majors in the near term with immediate resistance expected on approach of 1.6260 while any breach below 1.6200 may see a retracement back towards 1.6170. The BOE Carney’s comments from late last week meanwhile may also continue to afford underlying support to GBP bulls despite the latest hiccup from the construction PMI yesterday."
bank beating exchange rates

Outlook for the Australian dollar vs US dollar exchange rate

"Negative dollar vibes may continue to support the pair with the Australian Sep services index also improving significantly to 47.1 from 39.0 the previous month. We retain a buy dips posture for the pair in the interim with base building behavior still expected around current levels. Support is seen on dips towards 0.9285 area while 0.9435 should cap pending further cues."
Outlook for the euro dollar exchange rate

"In addition to the ECB meeting, the EUR also was supported after Italian PM Letta survived a confidence vote (235-70) as expected. Given the current circumstances, the pair may continue to contemplate the 1.3600 ceiling while the key 1.3450 support area remains in force."

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