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Pound Sterling to Hong Kong Dollar (GBP/HKD) Exchange Rate Forecast to Trend within a Limited Range as HK GDP sees Mixed Results
Published: 14 Aug at 2 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Euro Crisis, UK, Exchange Rates, Inflation,
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate was trending within a tight range on Friday morning.
British economic data failed to impress on Friday which saw the Pound edge lower versus many of its peers. On the year, June’s Construction Output came in at 2.6%; missing the median market forecast 3.3%. On a monthly basis, June’s Construction Output hit 0.9% growth; well below the 2.0% forecast. The Sterling depreciation had been somewhat slow, however, given that the construction sector is still showing relatively robust growth.
Over the coming week there will be several influential British economic data publications with the potential to provoke Sterling volatility. Perhaps of most significance will be July’s Consumer Price Index. With a complete absence of inflationary pressure, the Bank of England (BoE) Monetary Policy Committee (MPC) has been content to hold the cash rate. Rate hawks will be looking for inflation to move away from the 0.0% posted in June. However, there are some that predict British inflation will return to deflationary levels, if only temporarily.
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate is currently trending in the region of 12.1180.
Hong Kong’s growth data produced mixed results on Friday. Second-quarter Gross Domestic Product saw a quarterly gain of 0.4%; slightly below the median market forecast 0.5%. On a yearly basis, however, second-quarter GDP saw growth of 2.8%; bettering the market projection of 2.4%. ‘The second half will be more difficult,’ said Kevin Lai, a Hong Kong-based economist at Daiwa Capital Markets. ‘For Chinese tourists, Hong Kong is less attractive as retail goods are more expensive with the yuan devaluation.’
The decision by the People’s Bank of China (PBoC) to devalue the Yuan has had a marked impact on Asian currencies. The Hong Kong Dollar is one of those affected by the Yuan devaluation, and this is likely to spill over into third-quarter growth. In accordance with Bloomberg analysts, the Hong Kong Gross Domestic Product is forecast at 2.5% growth for 2015.
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate was trending within the range of 12.0900 to 12.1180 during Friday’s European session.
British economic data failed to impress on Friday which saw the Pound edge lower versus many of its peers. On the year, June’s Construction Output came in at 2.6%; missing the median market forecast 3.3%. On a monthly basis, June’s Construction Output hit 0.9% growth; well below the 2.0% forecast. The Sterling depreciation had been somewhat slow, however, given that the construction sector is still showing relatively robust growth.
Over the coming week there will be several influential British economic data publications with the potential to provoke Sterling volatility. Perhaps of most significance will be July’s Consumer Price Index. With a complete absence of inflationary pressure, the Bank of England (BoE) Monetary Policy Committee (MPC) has been content to hold the cash rate. Rate hawks will be looking for inflation to move away from the 0.0% posted in June. However, there are some that predict British inflation will return to deflationary levels, if only temporarily.
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate is currently trending in the region of 12.1180.
Hong Kong’s growth data produced mixed results on Friday. Second-quarter Gross Domestic Product saw a quarterly gain of 0.4%; slightly below the median market forecast 0.5%. On a yearly basis, however, second-quarter GDP saw growth of 2.8%; bettering the market projection of 2.4%. ‘The second half will be more difficult,’ said Kevin Lai, a Hong Kong-based economist at Daiwa Capital Markets. ‘For Chinese tourists, Hong Kong is less attractive as retail goods are more expensive with the yuan devaluation.’
The decision by the People’s Bank of China (PBoC) to devalue the Yuan has had a marked impact on Asian currencies. The Hong Kong Dollar is one of those affected by the Yuan devaluation, and this is likely to spill over into third-quarter growth. In accordance with Bloomberg analysts, the Hong Kong Gross Domestic Product is forecast at 2.5% growth for 2015.
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate was trending within the range of 12.0900 to 12.1180 during Friday’s European session.
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Source: moneytransfer.co.uk