Daily Exchange Rate Predictions For The Euro, Pound Sterling, US Dollar and Indian Rupee
9 May 2012 at 6 PM – Written by John Cameron
The EURO has experienced renewed downside pressure during this afternoonâ€™s European session, following comments from Spanish Prime Minister Mariano Rajoy which suggested that he thinks that there is a strong possibility that Greece will leave the euro. Rajoyâ€™s words took the GBP EUR exchange rate to 1.2462 and the single currency is expected to continue trading on a NEGATIVE footing moving forward.
The POUND STERLING has had a decent day on the currency markets, in spite of the release of highly disappointing April shop sales figures from the British Retail Consortium earlier today. All bets are now off for Sterling ahead of tomorrow lunchtimeâ€™s Bank of England monetary policy decision. An increase to the Bankâ€™s QE scheme is not out of the question due to weak recent UK growth numbers and signs that the global economic recovery is stalling. In the meantime, the Pound is expected to trade with a NEUTRAL TO POSITIVE bias.
The US DOLLAR has been the big winner on the day, hoovering up safe haven support as fears grow that a Greek debt default might be just around the corner. This has seen the GBP USD exchange rate dip to 1.6067 on the day. Whilst Greeceâ€™s socialist Syriza bloc continues to conduct talks to form an â€˜anti-bailoutâ€™ coalition government, the Dollar is expected to trade on a NEUTRAL TO POSITIVE footing.
The INDIAN RUPEE continues to experience pronounced downside in the currency markets. The first two sessions of this week have seen foreign investors sell-off an estimated INR10bn of domestic equities, as they tripped over themselves to shift out of riskier assets. However, market rumours suggest that the Indian government has now intervened in the market to stem losses for the Rupee. This means that the Indian currency is expected to trade with a NEUTRAL bias moving forward. The current GBP INR exchange rate stands at 86.5380.
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