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Pound Sterling Exchange Rate Forecast for October 9

Pound Sterling Exchange Rate Forecast for October 9

Having risen throughout Monday and Tuesday, the GBP began falling against the USD on Wednesday dropping from 1.6113 to 1.6048 early in trading hours. Data released in the UK showed that industrial output was flat in August suggesting that the economic recovery may be slowing.

The GBP has also been falling against the EUR this week and early on Wednesday has slumped to 1.2692. However, the EUR is expected to drop in the coming days as data showed that industrial output in Germany dropped 4% in August and the IMF revised down its growth forecast for the year.

Because of the revised IMF forecast the GBP has been gaining against the AUD and reached as high as 1.8342 early on Wednesday. It seems likely that this will continue as the full effects of the IMF’s decision come into play.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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