Exchange Rate Report for the Pound Sterling (currency:GBP) to SA Rand (currency:ZAR), Swedish Krona (currency:SEK), Norwegian Krone (currency:NOK) and Danish Krone (currency:DKK) forex rates.
The Pound (GBP) exchange rate put on a mixed performance against its rivals on Monday, initially strengthening against the Euro following the release of better-than-forecast UK Mortgage Approvals data but later softening following the publication of German inflation data. Sterling also extended losses against the US Dollar in spite of US Consumer Spending being shown to have increased by less-than-expected.
Before we bring you the latest forex rate analysis, forecasts and predictions for these currencies, let’s look at today’s updated forex rates:
The South African Rand to British Pound exchange rate: ZAR/GBP converts at 0.056.
The Pound to South African Rand exchange rate: GBP/ZAR conversion is 17.842.
The Pound to Norwegian Krone exchange rate today is converting at 11.97 GBP/NOK.
The Pound to Swedish Krona exchange rate today is converting at 12.748 GBP/SEK.
The Pound to Danish Krone exchange rate today is converting at 10.257 GBP/DKK.
NB: the forex rates mentioned above, revised as of 1st Apr 2015, 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. Speak to a recommended FX provider to lock in the best exchange rates.
Pound to Norwegian Krone Exchange Rate Today: GBP/NOK
Even as oil prices declined, the Pound lost over 0.45 against the Norwegian Krone to trade in the region of 11.7951 after hitting a low of 11.7891 earlier in the session.
The only Norwegian report to focus on this week is the NIMA Manufacturing PMI, scheduled for publication on Wednesday.
The index is forecast to print at 51.2, above the 50 mark separating growth from contraction and unchanged from previous levels.
The following week is far more data-heavy for Norway, with the nation’s Industrial/Manufacturing Production and inflation stats set for release.
Pound to Swedish Krona Today: GBP/SEK
Over the course of the European session the Pound softened against the Swedish Krona, dropping to a low of 12.6934.
Later this week Sweden will be publishing the Swedbank Manufacturing PMI for March.
If the measure of manufacturing shows the improvement expected by economists (who have forecast the index will advance from 53.3 to 56.1) it will lend the Krona support.
As additional Swedish reports are lacking, the majority of movement in the GBP/SEK pair will be due to UK news and global economic developments.
Pound to Swedish Krona Today: GBP/SEK
Today’s South African Private Sector Credit report came in at 8.67% year-on-year, down from an annual figure of 9.15% in January and less than the 8.7% figure forecast.
After the report was published the Pound gained by 0.3% on the Rand, with the GBP/ZAR pairing trading in the region of 17.9410.
Tomorrow the nation is due to release its trade balance report, to be followed by the KAGISO Manufacturing PMI on Wednesday and domestic consumer confidence.
Although ongoing energy concerns and the prospect of higher US borrowing costs are likely to continue weighing on the Rand, if the South African reports impress, the GBP/ZAR pairing may soften.
GBP/DKK News for the Week
The Pound eased lower against the Danish Krone during local trading, with the GBP/DKK pairing trading in the region of 10.1900 after slipping 0.1%.
Demand for the Krone was a little undermined as the Danish Business Confidence Index printed at -16 in March, down from -13 in February and defying forecasts for a reading of -12.
On Tuesday we can expect Danish Krone movement to occur as a result of domestic fourth quarter growth and unemployment figures.
Overnight the Pound may fluctuate as investors respond to the GfK Consumer Confidence Index.
Investors with an interest in the GBP/NOK, GBP/SEK, GBP/ZAR and GBP/DKK exchange rates will also be looking ahead to the publication of the UK’s Markit Manufacturing/Construction PMI’s.
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