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Pound Sterling (GBP) Bank of England Foreign Exchange Rates Oct 21, 2014

GBP Forex Rates Forecast for October 10

GBP/USD – Current Rate 1.6151

The British Pound strengthened against the US Dollar (USD) this week amid slumping retail sales and sluggish global economic activity. The US jobless claims rate did however its lowest levels in 14 years earlier this month. Other indices including the Consumer Price Index, existing home sales, and Markit Manufacturing PMI will further influence the pair.

Forecast: As the inflation rate continues to worry the Federal Reserve, a hike is expected. A decision in favour of the proposed hike is projected to fall at a 2:7 vote when Bank of England and other regulators meet later this week.

GBP/EUR – Current Rate 1.2629

Earlier this week the British Pound edged further ahead over the Euro following increased property and house price gains when compared to data released earlier this month. The Eurozone has continued to narrow its account surplus, down to 15.1 billion from 32.8 billion in August. Projected figures placed the surplus at 15.1b Euros by year’s end.

Forecast: Wide swings and volatility surround this pair. Concerns mount the Eurozone’s largest economy is headed towards recession following the latest German data.

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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