Home » GBP » GBP to NOK » British Pound to Swedish Krona (GBP/SEK) and Norwegian Krone (GBP/NOK) Exchange Rates Forecast to Advance after UK GDP Hits Estimates

British Pound to Swedish Krona (GBP/SEK) and Norwegian Krone (GBP/NOK) Exchange Rates Forecast to Advance after UK GDP Hits Estimates

Pound US Dollar

Pound Sterling to Swedish Krona (GBP/SEK) Exchange Rate Forecast to Advance after Swedish Retail Sales Miss Forecasts

The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate strengthened by around 1.1% on Tuesday afternoon.

After British economic data showed UK growth accelerated for the tenth consecutive quarter, the Pound advanced versus its major rivals. On a quarterly basis, second-quarter Gross Domestic Product advanced by 0.7%, in line with the median market forecast. On a yearly basis, second-quarter GDP came in at 2.6%; also in line with the market consensus. The Pound’s uptrend has been relatively slow considering the positive headline growth figures. This can be attributed to the fact that only services growth bettered pre-crisis levels, with Britain’s manufacturing sector shrinking by -0.3%.

The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate is currently trending in the region of 13.3872.

In response to underwhelming domestic retail sales, the Swedish Krona declined versus many of its currency rivals. June’s Retail Sales came in at 3.8% on the year despite predictions of 3.9% growth. On a monthly basis, June’s Retail Sales showed growth of 0.3% which was under the 0.4% market consensus.

The Pound Sterling to Swedish Krona (GBP/SEK) exchange rate was trending within the range of 13.2188 to 13.3944 during Tuesday’s European session.

Pound Sterling to Norwegian Krone (GBP/NOK) Exchange Rate Forecast to Gain on Bearish Crude Prices

The Pound Sterling to Norwegian Krone (GBP/NOK) exchange rate edged higher by around 0.2% during the European session.

George Buckley, chief UK economist at Deutsche Bank, said the strong UK GDP data ‘inches us closer to a rate rise,’ adding: ‘The recovery is sustainable, though our major concern in this respect is that much growth seems to be coming from the consumer as opposed to other spending components.’ With that being said, however, the disappointing pace of manufacturing may weigh on Bank of England (BoE) Monetary Policy Committee (MPC) interest rate decisions.

The Pound Sterling to Norwegian Krone (GBP/NOK) exchange rate is currently trending in the region of 12.7356.

With crude prices falling into a bear market, the Norwegian Krone softened versus many of its closest currency competitors. Brent crude dropped by over 2% on Monday and continues to edge lower on Tuesday. Iran returning to the market has certainly added to concerns of global oversupply with producers continuing to haul oil in the hope that the price will rise again. With most experts predicting that oil prices will remain low for a sustained period, the Norwegian Krone is unlikely to rack up notable gains.

The Pound Sterling to Norwegian Krone (GBP/NOK) exchange rate was trending within the range of 12.6902 to 12.7820 during Tuesday’s European session.

Comments are closed.