Exchange Rate Forecasts

EUR/USD can see near-term strength, month-end USD selling could offer tactical opportunities.

Pound Sterling retains a constructive setup against the Euro, and further advances can be expected this week, but a strong Eurozone CPI print would likely boost the Euro.

U.S. growth exceptionalism and China's pessimism should keep the USD well supported against the Euro in the first half of 2024, says Lombard Odier.

One of Wall Street's biggest banks has raised its forecasts for the British Pound, saying it can benefit from its newfound status of "the USD of Europe".

GBP/CAD is pointed lower but can rebound amidst a broader USD pullback.

GBP/NZD is trending lower in the short term and the next target is seen at approximately 2.04; however, a strong UK PMI reading on Thursday could frustrate the move.

The Pound to Australian Dollar exchange rate is liable to weaken further over the coming days, although downside should remain relatively limited ahead of an eventual extension higher.

The Euro to Dollar exchange rate has found solid support at 1.07 and we hold an upside bias for the coming five days with the potential for a positive PMI surprise informing this stance.

The Pound to Dollar exchange rate retreated further last week but the losses remain relatively constrained and we see the potential for some slight upside in the coming days.

The coming days suggest scope for a further retreat from recent highs.

The EUR/USD broke below yet another key support area around 1.0720 to 1.0755, where it had previously found strong support back in December and, to a much lesser degree, on a couple of occasions earlier this month.

The Euro to Dollar exchange rate is on course to hit the 1.04 mark, according to analysis that follows the USD's jump in the wake of U.S. inflation data for January.

GBP/AUD technical setup advocates for further gains, but coming days could see a small pullback.

Canadian Dollar exchange rates are looking increasingly constructive as markets fade bets for an imminent rate hike at the Bank of Canada amidst fears of persistently sticky Canadian wage pressures.

GBP/NZD finding support at 50-day moving average, but, more broadly, technicals are breaking down as RBNZ rate hike bets rise.

The Euro to Dollar exchange rate has been under pressure in 2024 but is unlikely to break below 1.0723 in the coming week unless we receive a blow-out U.S. inflation report.

The Pound to Dollar exchange rate remains well supported and the coming week's heavy UK and U.S. economic calendars could offer the chance of a return to the 1.27 level.

The Pound to Euro exchange rate remains well supported by an abundance of technical support levels, but it will take a blow-out set of UK economic data releases to deliver fresh 2024 highs in the coming week.

"We may now be entering a period of euro weakness, like what we saw in 2013-2015."

The Canadian Dollar will appreciate against the Euro, Pound and U.S. Dollar over the duration of 2024, according to the latest currency research update from the Royal Bank of Canada.