Australian Dollar Exchange Rate Forecast: AUD/USD, AUD/GBP, AUD/EUR – UK GDP Estimate and US Fed Statements Ahead

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Australian Dollar to Euro (AUD/EUR) Exchange Rate Forecast

The Australian Dollar to Euro (AUD/EUR) exchange rate was trending higher in Friday’s European trading as investors closely monitored the situation between Greece and its creditors. Greece has been given six days to put forward appropriate reform plans before the Eurogroup meeting on 24th April.

Today marks Good Friday in Greece, signalling the run-up to Orthodox Easter (April 12th). The nation had previously stated that an agreement would be made by the 12th, a development that was clearly an overestimation in the productivity of negotiations.

Despite Greece making its €460M payment to the International Monetary Fund (IMF) on Thursday, some sources are suggesting the Eurozone is secretly planning to kick Greece out of the currency bloc.

The times stated: ‘A memo drawn up by the finance ministry in Finland which is closely allied to Germany, has revealed preparations for a Greek exit from the Euro.’

Australian Dollar to US Dollar (AUD/USD) Exchange Rate Forecast

The Australian Dollar to US Dollar (AUD/USD) exchange rate was trading lower in Friday’s European session ahead of moderate US data out later in the day. The US Monthly Budget Statement is due for release this afternoon which could impact the ‘Buck’ substantially.

Furthermore, Federal Reserve official Narayana Kocherlakota is scheduled to speak later during Friday’s trading and has a strong reputation for his dovish tones. Earlier this week Kocherlakota suggested that the Federal Reserve shouldn’t begin hiking interest rates until 2016—a move that wasn’t well received by markets hoping for higher borrowing costs.

Kocherlakota stated: ‘I continue to believe that it would be a mistake to raise the target range for the Fed funds rate in 2015. [The Fed should] start late and raise more slowly than we did in 2004 to 2006.’

Australian Dollar to Pound Sterling (AUD/GBP) Exchange Rate Forecast

The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate remained in a tight range at the start of Friday’s European session, but has the potential to gain on weak British data.

The UK’s Industrial Production ecostat tumbled from 1.3% to 0.1% in February on the year, rather than the 0.3% forecast.

Additionally, Manufacturing Production took a larger-than-predicted slip to 1.1% from 1.9%, defying estimates for a softer fall to 1.3%.

The Australian Dollar to Euro (AUD/EUR) exchange rate is reaching 0.7240. The Australian Dollar to US Dollar (AUD/USD) exchange rate is trading at 0.7681. The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate is trending in the region of 0.5247.

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