Exchange Rates Outlook Today for the British Pound Sterling (GBP), Danish Krone (DKK), Indian Rupee (INR), South African Rand (ZAR), Swedish Krona (SEK), Norwegian Krone (NOK) - The Pound remains under sustained pressure against the majority of its most traded peers as concerns over the upcoming Scottish Referendum vote continue. Some economists are warning of dire consequences for the Pound should Scotland choose to leave the 300-year old United Kingdom.
The Pound Sterling forecast is to remain weaker until the vote occurs on September 18, if the independence movement wins then the Pound could go into freefall, a win for remaining united however would likely support.
A new poll is due to be published overnight and as rumours circulate that it will show more signs of support to independence the Pound dropped to a 3-month low against the Euro.
At 19:00pm (UK Time) Sterling (GBP) values were 1.25340 (+0.6%) versus the Euro (EUR), at 1.61774 (+0.34%) versus the US Dollar (USD), at 1.77173 (+0.14%) versus the Canadian Dollar (CAD), at 1.76626 (+0.85%) versus the Australian Dollar (AUD), at 98.340 versus the Indian Rupee (INR), at 17.70637 (+0.61%) versus South African Rand (ZAR), at 9.32879 versus the Danish Krone, at 11.49539 (+0.32%) versus the Swedish Krona and at 10.27450 (+0.47%) versus the Norwegian Krone.
Pound to Danish Krone Exchange Rate Outlook
The Danish Krone (DKK) was little moved against the Pound but weakened against other major peers on Wednesday after a report released by Statistics Denmark showed that the Scandinavian nation’s inflation rate fell from July’s reading of 0.8% to 0.5% on a year on year basis.
Economists had been forecasting for the rate to remain unchanged at 0.8%.
With no more market moving domestic data due for release for the rest of the week, it is likely that the Danish currency will move because of external factors.
Pound to Swedish Krona Forecast
The Swedish Krona (SEK) was under pressure ahead of next week’s general election.
The country may have been one of the fastest to recover from the Great Recession but recent softening economic data has weighed upon the currency.
The centre-right government of Prime Minister Fredrik Reinfeldt, 49, is in serious political trouble. It is looking increasingly likely that the left leaning coalition of the Social Democrats, Green and Left Paties are in the lead in the polls.
Sweden’s Central Bank has forecast economic growth of 1.9% this year masks underlying weaknesses. Unemployment has remained stuck around 8%, and much higher among the young.
The central bank made a surprise cut to interest rates last month in response to signs of deflation.
GBP/NOK
The Norwegian Krone (NOK) fell against the Pound and other major peers after data showed that consumer price inflation in the Scandinavian nation slowed in August as prices of electricity and clothing fell.
Statistics Norway reported that Consumer prices rose 2.1% in August from last year after increasing 2.2% in July, Food and non-alcoholic beverages rose 2.8% and imputed rentals of homeowners gained 2.6%.
Producer prices also declined for a second consecutive month.
GBP/ZAR
The South African Rand (ZAR) declined further against the US Dollar and tumbled against other major peers, as economists grow increasingly concerned over the state of the South African economy.
The shortfall in the nation’s current account widened to 6.2% of GDP in the second quarter as strikes heavily affected exports. Economists had been forecasting that the gap would widen to 5.45%.