Pound Sterling to Indian Rupee (GBP/INR) Exchange Rate Forecast to Hold Gains as BoE Rate Hike Bets Brought Forward
The Pound Sterling to Indian Rupee exchange rate advanced on Wednesday as the Pound posted broad-based gains following the release of better-than-expected UK employment figures.
As the data showed an impressive employment increase, a solid climb in average earnings and a fresh low unemployment rate, industry experts began to speculate that the Bank of England (BoE) just might increase borrowing costs before the close of the year.
The GBP/INR pairing extended gains on Thursday amid a lack of Indian data and a risk-off environment.
The Pound Sterling to Indian Rupee (GBP/INR) exchange rate was trading in the region of 95.9200
Pound Sterling to Euro (GBP/EUR) Exchange Rate Forecast to Fluctuate as ECB Publishes Meeting Minutes
The Pound Sterling to Euro (GBP/EUR) exchange rate held gains as Germany rejected the Greek proposal for a six-month assistance package.
Germany has always been the staunchest supporter of Greece sticking to the terms of its bailout so the move wasn’t particularly surprising but it doesn’t do much to allay ‘Grexit’ fears or lend support to the Euro.
Meanwhile, the ECB’s policy meeting minutes indicated that it was deflation concerns which pushed the central bank into introducing a quantitative easing package.
The Pound Sterling to Euro (GBP/EUR) exchange rate was trading in the region of 1.3544
Earlier…
The Pound Sterling to Euro (GBP/EUR) exchange rate achieved a fresh seven-year high on Wednesday thanks to the UK’s impressive jobs stats.
The pairing consolidated these gains on Thursday as it was announced that Greece is appealing to its creditors to grant a new six-month funding programme to tide the nation over until after the summer.
In the hours ahead, further GBP/EUR movement could be caused by the European Central Bank’s (ECB) meeting minutes.
This will be the first time the central bank has released minutes and they could offer an insight into the institution’s opinions regarding the Greek debt situation and the possible impact of quantitative easing on the currency bloc.
The Eurozone’s Consumer Confidence report will also be of interest.
A slight improvement in sentiment has been projected, but a better-than-forecast figure may lend the common currency support.
The Pound Sterling to Euro (GBP/EUR) exchange rate was trading in the region of 1.3540
Pound Sterling to US Dollar (GBP/USD) Exchange Rate Forecast to Hold Gains, FOMC Minutes Dovish
Bets that the BoE might increase borrowing costs earlier than previously projected helped the Pound Sterling to US Dollar (GBP/USD) exchange rate achieve a fresh monthly high on Wednesday.
During the North American session the GBP/USD pairing achieved a high of 1.5465 thanks to some slightly pessimistic minutes from the Federal Open Market Committee (FOMC).
The institution indicated that it is still factoring in a rate increase occurring in the first half of this year, but did add that if international economic conditions deteriorate further, borrowing costs could be affected.
This, in conjunction with yesterday’s disappointing US data, left the ‘Greenback’ a little bearish.
Today’s initial jobless/continuing claims figures could have an impact on GBP/USD trading.
The Pound Sterling to US Dollar (GBP/USD) exchange rate was trading in the region of 1.5442
