British Pound Sterling: Currency trades flat vs EUR, up vs USD
- Details
- Category: Exchange Rates
- Published on Tuesday, 23 August 2011 08:53
- Written by Sam Coventry
Latest insight into the performance of the British Pound, the FTSE 100, key shares and the oil price.
|
|
The pound dollar exchange rate is 0.364% higher with 1 GBP = 1.6545 USD.
Pound to Euro
The pound euro exchange rate traded flat ahead of this morning’s eurozone data, but the euro is on the front foot at present.
In light of the weak German second quarterly GDP figure (0.1%), there will be plenty of focus on this morning’s German economic sentiment data. German economic strength is vital to the eurozone’s prospects, but expectations are for a particularly weak figure this morning.
This morning’s French PMI data revealed a slight contraction in the manufacturing sector but some impressive growth in the services sector. Germany’ figures were more positive and have pushed the euro higher. Sterling should be able to rebound today from the current trading level of €1.1430.
Oil prices latest
Key to the fundamental outlook for the oil majors will of course rest with the performance of the oil price.
Oil prices on world markets fell as low as $105 a barrel, as prices dropped by $3-$5 from their Friday levels on the news of Libyan leader Colonel Gaddafi's expected downfall.
According to analysts, oil prices would drop considerably if a strong post-Gaddafi plan for the reconstruction of the Libyan oil industry is rolled out, as increased supply would inevitably push down prices.
FTSE 100
The FTSE 100 is higher this morning after taking a lead from Asian market performance. The distinct lack of news has allowed investors to cautiously tread back into a market flush with cheap shares.
BP shares
As long as 455 is not broken up technical analysts favour a down move with 380 and then 365 as next targets.
Trading Central say:
"Only the upside breakout of 455 will invalidate our bearish scenario. In this case, a recovery should shape towards 485 at first, and then 515.
"In the short term, the negative daily indicators are losing momentum. A technical rebound could shape."
 |
 |
Spread The Word
Exchange Rates
Latest Exchange Rate News
- Euro exchange rate today: EUR holds ground despite the likelihood of a harrowing showdown over Greece's spending commitments
- Euro rate today: Greek exit concerns epitomised by G4S as security firm suggests return of Drachma will be a money-spinner
- UBS: Euro gains vs US dollar unlikely to last as Eurozone is now in 'full crisis mode'
- Forex: Pound sterling close to year-highs against Australian dollar, Rand and NZ Dollar while gains against euro accelerate
- Euro exchange rate today: EUR-USD, EUR-GBP in decline on Monday the key currency market theme focuses on the existence of Greece in the Eurozone
- Euro relief! Euro dollar exchange rate attempts gains as nasty headlines remain absent, currency remains vulnerable
- Greek exit from the euro unlikely; taking Greece out of the euro 'would be political suicide'
Our Publications
Advertisement
Advertisement: Your Personal FX Quote
As a secure FSA regulated payment provider they have access to over 40 currency accounts and can provide same day exchange transfers inc. GBP/EUR/AUD/USD and CAD.
Assisting with transfers ranging from real estate, investments, inheritance transfers to corporate transactions they can better bank exchange rates by up to 5%.
Ask for your free quote today.
Latest on The Economy News
- Spread betting companies seek to get clients trading the Facebook 'gray market' ahead of flotation
- Heavily oversold, but euro dollar exchange rate base fails to convince warns UniCredit
- Exchange rate forecasters say a return to strength for the Australian dollar is unlikely until at least June
- Euro exchange rate today: EUR holds ground despite the likelihood of a harrowing showdown over Greece's spending commitments
- FTSE 100: Aviva plc, National Grid in focus while investors start to fret over Spain and their spiking bond yields
- Looking weak: Pound to euro and pound to dollar are poorly, but one analyst says this is only temporary
- British Pound Sterling: UK currency still struggling as BoE hangover persists, meanwhile outlook for EUR remains precarious
- RBS: Bias for pound sterling to outperform euro remains, despite signs risk-off run has gone too far
- Pound to euro, pound to dollar: Key currency pairs head lower as Bank of England inflation report points to possibility of further QE
- Pound sterling fails to take heart from consensus-beating unemployment data; UK currency down vs EUR, USD and AUD
Exchange Rate Forecasts
