Exchange Rate Forecasts

The Australian Dollar will outperform the Pound in 2024 as Chinese growth picks up thanks to the government's stimulus efforts and the UK economy struggles, sending the GBP/AUD exchange rate below 1.90.

GBPCAD is cooling off from its strong November rally, and the risk of further downside over the coming days is elevated.

The New Zealand Dollar has lost an opportunity to press fresh multi-month highs against both the Pound and U.S. Dollar and a loss of momentum in what will be a busy week for global FX risks a setback.

AUD is tipped to see some upside against the U.S. Dollar but should prove unable to make any major advance against the Pound in a week dominated by the U.S. Federal Reserve decision, Bank of England and Aus jobs data.

GBPUSD has seen a setback recently, but the uptrend is not yet invalidated.

EURUSD short-term outlook deteriorates, ECB in focus on Thursday, look for pushback against cuts.

GBPEUR faces an action-packed week of data releases and central bank decisions, which will determine whether or not it can have a crack at the 2023 highs or is relegated back to the well-trod range of recent months.

The Euro to Franc exchange rate is set for a bounce through the coming European Central Bank decision and could eventually move back above parity.

The Euro-Dollar could recover lost value if the European Central Bank (ECB) next week pushes back against rising expectations for interest rate cuts.

The Euro to Dollar exchange rate (EURUSD) looks set to struggle in 2024 and could disappoint those looking for a material fall in the Dollar.

The New Zealand Dollar is the best-performing major currency in the midweek session as it looks set to extend a month-long period of outperformance.

The Bank of England will cut interest rates before the U.S. Federal Reserve and the European Central Bank, leading to a soft trajectory for the British Pound in 2024.

There is the potential for a further slide in the value of the U.S. Dollar against the Yen before the retracement is complete and another run higher begins.

Bank of America's 2024 forecasts confirm it is more bearish on the U.S. Dollar than the consensus, with analysts saying Federal Reserve interest rate cuts "matter more for the market" than cuts at other central banks.

According to an investment bank analyst we follow, Pound Sterling can extend a recent advance against the Euro.

GBPCAD upward channel still intact, USDCAD tipped lower by Commonwealth Bank.

GBPNZD eyes test of 2.0266, NZDUSD: Westpac bullish this week.

The Australian Dollar enters the first full week of December with a spring in its step with technical setups against the Dollar and Pound looking increasingly constructive, although Tuesday's Reserve Bank of Australia meeting could provide a setback.

The Euro's rally against the Dollar suffered a setback last week, but the uptrend remains intact from a technical perspective, and a soft U.S. labour market report on Friday could offer a reboot.

GBPUSD has had a solid run of late, rising 3.87% in November, but the first full week of the new month could be characterised by consolidation as investors await Friday's all-important U.S. jobs report.