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Pound euro and pound dollar intra-day exchange rate forecasts: GBP-EUR crashes towards UKForex's forecasted support
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- Published on Wednesday, 22 February 2012 11:34
- Written by Rob Samson
The pound euro has moved sharply lower this morning in line with a significantly weaker British pound.
Analysts at foreign exchange services firm UKForex has today forecasted a range in the GBP-EUR rate of 1.1820 to 1.1950. The exchange rate is now at 1.1878.
The team had also forecasted a range today in the GBP-USD rate of 1.5650 to 1.5750. GBP-USD is now at 1.5710.
The reason that the British pound is trading sharply lower is centred around a communication released by the Bank of England this morning.
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The Bank has, through the release of the minutes of the February meeting, indicated that they are a lot more open to further quantitative easing than the market had expected.
2 members voted to boost the balance sheet expansion programme at the Bank to 75bn GBP - this as opposed to the 50bn GBP that was announced in line with expectations.
The UK will now need to see some good economic figures in the coming months to prevent this.
Only when the Bank of England indicates that it is willing to ease back on the monetary expansion policy will we see the British pound make some real headway.
Adding to the pound euro exchange rate's downward move was the euro which rallied as investors focussed on some positive Greek headlines from the weekend media, but after the initial move higher the gains were consolidated as the market awaited news surrounding Greece.
Elsewhere, "it was a quiet day for the USD yesterday, hardly surprising with most traders in the US away from their desks for Presidents day and the rest of the market awaiting any news regarding the second Greek bailout package. GBP/USD took its cue from EUR/USD on the day, moving to a high of 1.5880 during late morning trading before drifting lower," says a morning exchange rate forecast note from UKForex.
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