Today's foreign exchange rate forecasts for the British Pound (GBP) to SA Rand (ZAR), Swedish Krona (SEK), Norwegian Krone (NOK) and Danish Krone (DKK) conversion rates today.
Before we discuss the forecasts and predictions for these currencies, let's look at today's forex rates:
On Sunday the South African Rand to British Pound exchange rate (ZAR/GBP) converts at 0.043
The live inter-bank GBP-ZAR spot rate is quoted as 23.225 today.
FX markets see the pound vs norwegian krone exchange rate converting at 13.645.
The live inter-bank GBP-SEK spot rate is quoted as 13.536 today.
FX markets see the pound vs danish krone exchange rate converting at 8.696.
NB: the forex rates mentioned above, revised as of 5th May 2024, are inter-bank prices that will require a margin from your bank. Foreign exchange brokers can save up to 5% on international payments in comparison to the banks.
Pound to Norwegian Krone Today: GBP/NOK
The Pound Sterling to Norwegian Krone conversion rate was trading in the region of 10.6901 on Thursday having fallen by 0.4% on the day’s opening levels.
With Norwegian data lacking, it was the lingering influence of yesterday’s Quarterly Inflation report from the Bank of England driving weakness in the GBP/NOK pairing.
After the central bank asserted that inflation is unlikely to return to its target of 2% in the next three years, the Pound plummeted across the board.
The British currency was given no breathing space to recover on Thursday as the UK’s RICS House Price Balance report came in below forecasts. Next week the Norwegian reports to be aware of include the nation’s trade balance figures and GDP data.
Pound to Swedish Krona Today: GBP/SEK
With the Pound continuing to trend in a softer position against the majority of its currency counterparts following Wednesday’s sell-off, the Pound Sterling to Swedish Krona shed an additional 0.25% during the European session.
The GBP/SEK pairing was trading between lows of 11.6415 and highs of 11.7147. Swedish data is in short supply next week, but the one report with the potential to inspire GBP/SEK volatility is the nation’s unemployment rate figure.
The level of joblessness in the nation is believed to have risen from 7.2% in September to 7.3% in October.
Pound to Rand Today: GBP/ZAR
Following the publication of South Africa’s Mining Production figures, the Pound Sterling to South African Rand exchange rate was slightly stronger, although any GBP/ZAR gains were hampered by the Bank of England’s dovish quarterly inflation report.
Although the Pound came under intense pressure yesterday, the Rand also declined against its peers as a domestic retail sales report fell short of forecasts.
On Thursday South Africa’s Mining Production report showed a rebound in the sector in September.
Mining production jumped by 7.0% in September on the month following a revised decline of -2.3% in August. On the year, mining production was up 5.3% - a considerable improvement on the previous month’s annual figure of -9.2%.
Pound to Danish Krone Rate Outlook: GBP/DKK
As the week progressed, the Pound’s bearish relationship with the majority of its currency counterparts continued.
The Pound Sterling to Danish Krone (GBP/DKK) lost almost 0.4% over the course of the local trading to brush a low of 9.3940.
While tomorrow’s UK Construction Output report could have a modest impact on the GBP/DKK exchange rate, investors with an interest in the Danish Krone will also be looking ahead to next week’s ecostats for the European nation.
Thursday sees the release of Consumer Confidence figures and October’s Retail Sales report. Sales are believed to have risen by 0.5% on the month following September’s -0.9% decline.
A disappointing result could cause DKK losses.