1Finance

Pound Sterling Forecast vs the Indian Rupee (INR), Russian Ruble (RUB), Swiss Franc (CHF), Turkish Lira (TRY) and Japanese Yen (JPY).



The Pound advanced on several of its peers on Tuesday as UK Consumer Confidence and growth data printed above expected levels. While the GfK gauge of UK sentiment rallied to a 12-year high of 4 in March from 1 in February, the nation’s final fourth quarter growth data was revised to 0.6% on a quarter-on-quarter basis and 3.0% on the year. Sterling extended gains against the Euro as the Eurozone’s unemployment rate came in at 11.3% rather than 11.2% and the annual core consumer price index for the 19-nation currency bloc eased from 0.7% to 0.6%.

Pound to Lira

The Pound advanced by over 0.4% against the Lira on Tuesday, taking the pairing to a high of 3.8739. The Lira held declines against Sterling even as Turkey’s fourth quarter growth data positively surprised. The rate of expansion in the nation in the fourth quarter came in at 0.7%, quarter-on-quarter, beating expectations for growth of 0.5%. On an annual basis, the nation’s economy grew 2.6% instead of the 1.85% anticipated.

Turkey’s trade balance report did show an unforeseen widening in the deficit however.

Pound to Ruble Rate

Sterling was trading in a narrow range against the Ruble as the week progressed, moving between a high of 85.6900 and a low of 84.5200. Russian data has been lacking so far this week. Economists have forecast that the gauge of manufacturing rose from 49.7 in February to 49.75 in March, but remained below the 50 mark separating growth from contraction.

British Pound to Rupee

Although demand for emerging market assets has been undermined by the bullish US Dollar, the Rupee has remained resilient and the GBP/INR currency pair dipped by over 0.2% during the European session. Prior to the publication of India’s infrastructure output and government budget value reports, the Pound Sterling to Indian Rupee currency pair was trading in the region of 92.4100.

Pound to Yen

While the Pound advanced on a number of peers during the European session, the GBP/JPY pairing failed to post any notable gains. The Pound to Japanese Yen exchange rate was trending in the region of 177.5400, down 0.1% on the day’s opening levels. Tuesday’s Japanese Construction Orders number came in at 1.0% in February, year-on-year, smashing the forecast for a reading of 0.38%. However, the nation’s housing starts dropped by -3.1% on the year in February following January’s -13% decline.



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