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Pound Sterling to Taiwan New Dollar (GBP/TWD) Exchange Rate Forecast to Soften as Taiwan Inflation Picks Up
Published: 7 Jul at 4 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Forex, Euro Crisis, UK, Exchange Rates, Inflation,
The Pound Sterling to Taiwan New Dollar (GBP/TWD) exchange rate softened on Tuesday after British manufacturing failed to impress and traders feared UK exports will suffer if Greece are forced to leave the Eurozone.
The British Pound softened versus many of its major peers on Tuesday in response to mixed results from domestic data. Whilst the NIESR Gross Domestic Product Estimate ticked higher, and Industrial Production bettered estimates on both a monthly and an annual basis, British manufacturing output slumped for the 6th consecutive month. Many analysts are forecasting a long-term slide in British manufacturing output as a result of a high valued Pound and dampened demand from Europe amid geopolitical upheaval.
Chris Williamson, chief economist at Markit, which produces its own monthly survey of the manufacturing sector, said: ‘The disappointing trend in the goods-producing sector looks to have persisted into June. The PMI surveys saw the weakest manufacturing output trend for over two years, attributable in part to a faster rate of decline in export orders, which was in turn commonly linked by producers to the strong Pound. In recent months, sterling has been running at its highest since 2008 on a trade-weighted basis.’
The Pound Sterling to Taiwan New Dollar (GBP/TWD) exchange rate is currently trending in the region of 47.9534.
Although Taiwanese economic data produced a mixed-bag of results on Tuesday, the New Dollar strengthened versus many of its peers. June’s Inflation Rate declined to -0.56% on the year, dropping below the median market forecast -0.44%. On the month, however, June’s Inflation Rate hit 0.69%; bettering the market consensus of 0.18%. The rise in inflation has been linked to rising food prices amid torrential rains. In addition, Taiwan’s Trade Surplus dropped beyond expectations in Jine from 166.3 billion to 67.1 billion despite predictions of a drop to 101.6 billion.
‘We recently lowered our 2015 inflation forecast by 40bp, to -0.10%, as we expect oil distortion to extend into H2, albeit with a smaller drag, given that international oil prices have stayed rangebound. We maintain our 2016 inflation forecast at 2.1%, on account of a low base and subsequent pickup in oil prices,’ says Barclays.
The Pound sterling to Taiwan New Dollar (GBP/TWD) exchange rate was trading within the range of 47.8658 to 48.2824 during Tuesday’s European session.
The British Pound softened versus many of its major peers on Tuesday in response to mixed results from domestic data. Whilst the NIESR Gross Domestic Product Estimate ticked higher, and Industrial Production bettered estimates on both a monthly and an annual basis, British manufacturing output slumped for the 6th consecutive month. Many analysts are forecasting a long-term slide in British manufacturing output as a result of a high valued Pound and dampened demand from Europe amid geopolitical upheaval.
Chris Williamson, chief economist at Markit, which produces its own monthly survey of the manufacturing sector, said: ‘The disappointing trend in the goods-producing sector looks to have persisted into June. The PMI surveys saw the weakest manufacturing output trend for over two years, attributable in part to a faster rate of decline in export orders, which was in turn commonly linked by producers to the strong Pound. In recent months, sterling has been running at its highest since 2008 on a trade-weighted basis.’
The Pound Sterling to Taiwan New Dollar (GBP/TWD) exchange rate is currently trending in the region of 47.9534.
Although Taiwanese economic data produced a mixed-bag of results on Tuesday, the New Dollar strengthened versus many of its peers. June’s Inflation Rate declined to -0.56% on the year, dropping below the median market forecast -0.44%. On the month, however, June’s Inflation Rate hit 0.69%; bettering the market consensus of 0.18%. The rise in inflation has been linked to rising food prices amid torrential rains. In addition, Taiwan’s Trade Surplus dropped beyond expectations in Jine from 166.3 billion to 67.1 billion despite predictions of a drop to 101.6 billion.
‘We recently lowered our 2015 inflation forecast by 40bp, to -0.10%, as we expect oil distortion to extend into H2, albeit with a smaller drag, given that international oil prices have stayed rangebound. We maintain our 2016 inflation forecast at 2.1%, on account of a low base and subsequent pickup in oil prices,’ says Barclays.
The Pound sterling to Taiwan New Dollar (GBP/TWD) exchange rate was trading within the range of 47.8658 to 48.2824 during Tuesday’s European session.
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Source: moneytransfer.co.uk