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Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate – ‘Aussie’ softer on UK data and risk aversion

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The Australian Dollar is on track to make a weekly loss against the Pound and is trading weaker against the majority of its peers as traders retreated from riskier assets and the release of positive UK GDP data.

The Australian Dollar was trading in the region of 0.5914 against the Pound.

The Pound strengthened further against the Australian and New Zealand Dollars after the UK’s Office for National Statistics released its preliminary GDP data for the third quarter of 2013. The report showed that the UK economy expanded by 0.8%, its strongest rate of growth recorded since 2010. On a yearly basis the economy grew by 1.5%.

The ‘Aussie’ was also weakened against the US Dollar and Euro on profit taking by investors who took advantage of the recent higher rates. Demand for riskier higher yielding assets like the Australian and New Zealand currencies took a knock as investors grew concerned over the strength of China’s banking system and fears that the global economy could be undermined by a slowdown in the world’s second largest economy.

The New Zealand Dollar followed its Australian relation downwards against the Pound, US Dollar and Euro. The ‘Kiwi’s’ decline came from a combination of fears over a possible China slowdown and comments made by Reserve Bank of New Zealand Governor Graeme Wheeler.

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Mr. Wheeler tried to talk down the currency’s value by saying in a radio interview;

“We have a very strong exchange rate. An interest rate increase would put upward pressure on the exchange rate and damage our goods trade sector. We’re quite concerned about that risk. We will have to put up interest rates sometime next year.”

The next major data point for the Australian Dollar comes next Tuesday when Reserve Bank of Australia governor Glenn Stevens holds a press conference on the state of the nation’s economy.

Current Exchange Australian Dollar (AUD) Rates

The Australian Dollar/US Dollar Exchange Rate is currently in the region of: 0.9590

The Australian Dollar/Euro Exchange Rate is currently in the region of: 0.6945

The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5915

The Australian Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.1562

The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4398

The Pound Sterling /Australian Dollar Exchange Rate is currently in the region of: 1.6905

Current New Zealand Dollar (NZD) Exchange Rates:

The New Zealand Dollar/US Dollar Exchange Rate is currently in the region of: 0.8294

The New Zealand Dollar /Euro Exchange Rate is currently in the region of: 0.6007

The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5116

The New Zealand Dollar /Australian Dollar Exchange Rate is currently in the region of: 0.8649

The US Dollar/ New Zealand Dollar Exchange Rate is currently in the region of: 1.2056

The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 1.9545

The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6647