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Pound Sterling to Hong Kong Dollar (GBP/HKD) Exchange Rate Forecast to Trend within Tight Range after Honk Kong Manufacturing declines Less-than-Expected
Published: 6 Jul at 3 PM Tags: Pound Sterling, Euro Exchange Rate, Dollar Exchange Rate, Currency Exchange, Forex, Euro Crisis, UK, Exchange Rates, Economy,
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate was trending within a tight range on Monday afternoon.
After British New Car Registrations saw a record half year gain of 7.0%, the Pound strengthened versus many of its currency peers. The advance was linked to heightened domestic demand for British-built vehicles. New Car Registrations advanced by 12.9% in June on the year. Mike Hawes, SMMT Chief Executive, said, ‘It is still a great time to buy a new car in the UK, and it is encouraging to see more consumers choosing British models. This is important for the wider economy with 799,000 people now employed across the UK automotive sector, including retail. We anticipate a flatter second half of the year as the market finds its natural running rate.’
The Pound’s appreciation has been somewhat sluggish, however, amid uncertainties in Europe. Given that many people are unsure as to the future of Greece in the Eurozone and the effect of the fallout from a Greek exit, markets are showing hesitancy to invest in the British asset given that the Eurozone is the UK’s largest trading partner. Investor confidence hasn’t disappeared completely, however, given that Bank of England (BoE) officials expressed little concern about the ramifications on the UK from a Grexit and were confident the UK was insured against such an event.
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate is currently trending in the region of 12.0550.
The Hong Kong Dollar, meanwhile, gained versus many of its peers despite dampened demand for risk-correlated currencies. The appreciation is the result of manufacturing which declined less-than-expected in June. The Nikkei Manufacturing PMI was expected to rise from 47.6 to 47.68, but June’s manufacturing output advanced to 49.2. This is close to the 50 mark which separates growth from contraction.
Commenting on the Hong Kong PMI survey data, Annabel Fiddes, Economist at Markit, said; ‘After a marked deterioration in operating conditions in May, Hong Kong’s private sector saw output and new orders decline only slightly during June. However, demand from Mainland China remained a drag on overall growth in new work, with new business from the region continuing to fall sharply. Furthermore, employment and purchasing activity both fell at stronger rates at the end of Q2, suggesting that companies have relatively muted growth expectations at least in the near term.’
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate was trending within the range of 12.0400 – 12.0910.
After British New Car Registrations saw a record half year gain of 7.0%, the Pound strengthened versus many of its currency peers. The advance was linked to heightened domestic demand for British-built vehicles. New Car Registrations advanced by 12.9% in June on the year. Mike Hawes, SMMT Chief Executive, said, ‘It is still a great time to buy a new car in the UK, and it is encouraging to see more consumers choosing British models. This is important for the wider economy with 799,000 people now employed across the UK automotive sector, including retail. We anticipate a flatter second half of the year as the market finds its natural running rate.’
The Pound’s appreciation has been somewhat sluggish, however, amid uncertainties in Europe. Given that many people are unsure as to the future of Greece in the Eurozone and the effect of the fallout from a Greek exit, markets are showing hesitancy to invest in the British asset given that the Eurozone is the UK’s largest trading partner. Investor confidence hasn’t disappeared completely, however, given that Bank of England (BoE) officials expressed little concern about the ramifications on the UK from a Grexit and were confident the UK was insured against such an event.
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate is currently trending in the region of 12.0550.
The Hong Kong Dollar, meanwhile, gained versus many of its peers despite dampened demand for risk-correlated currencies. The appreciation is the result of manufacturing which declined less-than-expected in June. The Nikkei Manufacturing PMI was expected to rise from 47.6 to 47.68, but June’s manufacturing output advanced to 49.2. This is close to the 50 mark which separates growth from contraction.
Commenting on the Hong Kong PMI survey data, Annabel Fiddes, Economist at Markit, said; ‘After a marked deterioration in operating conditions in May, Hong Kong’s private sector saw output and new orders decline only slightly during June. However, demand from Mainland China remained a drag on overall growth in new work, with new business from the region continuing to fall sharply. Furthermore, employment and purchasing activity both fell at stronger rates at the end of Q2, suggesting that companies have relatively muted growth expectations at least in the near term.’
The Pound Sterling to Hong Kong Dollar (GBP/HKD) exchange rate was trending within the range of 12.0400 – 12.0910.
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Source: moneytransfer.co.uk