The Pound Sterling to Russian Ruble (GBP/RUB) exchange rate was trending higher in Monday’s European trading while the Pound Sterling to Swedish Krona (GBP/SEK) and Pound Sterling to Brazilian Real (GBP/BRL) exchange rates recorded losses.
Pound Sterling to Russian Ruble (GBP/RUB) Exchange Rate Forecast
The Pound Sterling to Russian Ruble (GBP/EUR) exchange rate is forecast to experience movement later in Monday’s trading with the release of the Russian Gross Domestic Product (GDP) figure. The Ruble could be offered some support if Russian GDP growth climbs from -2.3% to -2.0% as economists have forecast.
Additionally, the Ruble will feel the influence of crude oil price changes as well as geopolitical events this week. The Russian Ruble exchange rate has been steadily rising for the last seven weeks of trading, closing near a five-month high with the US Dollar (USD/RUB) at 50.39 on Friday.
Thursday will see the Central Bank of Russia meet to discuss monetary policy; the March meeting marked a reduction in the one-week repo rate to 14%. Economists currently forecast the Central Bank of Russia will cut interest rates lower.
Pound Sterling to Brazilian Real (GBP/BRL) Exchange Rate Forecast
The Pound Sterling to Brazilian Real (GBP/BRL) exchange rate could experience fluctuations this week if the Central Bank of Brazil increases interest rates as predicted. The Real registered seven months of losses against the US Dollar (USD/BRL), trending at record lows of 3.3155 in March; however, April has been more upbeat for the Real, with the currency climbing by 12.3% thus far.
Monday will see the release of Brazilian Consumer Confidence data, which could impact the Brazilian Real exchange rate significantly. Forecasts expect the confidence index will slip from 100 to 99 in April, a result that could encourage the Real to trade lower against the Pound (BRL/GBP) and other majors.
Tuesday will be another influential day for the Brazilian Real with Brazil’s Unemployment Rate figure due to surface.
Pound Sterling to Swedish Krona (GBP/SEK) Exchange Rate Forecast
The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate is forecast for a major day of movement on Tuesday with the publication of UK Gross Domestic Product (GDP) figures and a host of Swedish data.
Swedish Consumer Confidence, Balance of Trade, Producer Price Index and Retail Sales stats are all out before 09:00 GM on Tuesday which could kick start Krona trading. The Swedish Krona exchange rate softened to six-year lows against the US Dollar (SEK/USD) this month, but has remained slightly higher in the past several weeks.
However, Sweden’s central bank, Riksbank, is expected to make another downward adjustment to its benchmark rate on Wednesday after making a 0.15% cut in March.
The UK economy will undergo a relatively quiet week for data, but the UK general election could be a major cause for Pound Sterling exchange rate movement in coming weeks.
The Pound Sterling to Brazilian Real (GBP/BRL) exchange rate is reaching 4.4670. The Pound Sterling to Russian Ruble (GBP/RUB) exchange rate is trending in the region of 77.7342; the Pound Sterling to Swedish Krona (GBP/SEK) exchange rate is trading at 13.0588.