Pound Sterling (GBP) has fallen by -0.5% against the Australian Dollar (GBP/AUD) and has remained at -0.3% against the New Zealand Dollar (GBP/NZD) today, with events in Davos remaining a sore point for investors.
Zoom Out Perspective, says Osborne as Sterling (GBP) Tanks
The Pound’s (GBP) failure to recover today is likely due to continued pessimism stemming from David Cameron’s earlier referendum talks, but additionally, words from Chancellor George Osborne have failed to have the desired recuperative effect.
The Chancellor has essentially denied that the ongoing UK referendum negotiation finalisations have been bad for the UK economy, whereas today’s mass Pound devaluation has provided considerable evidence to the contrary.
Earlier…
The Pound Sterling (GBP) has made decline of -0.4% against the Australian Dollar (GBP/AUD) and -0.3% against the New Zealand Dollar (GBP/NZD) today, with an unexpected pace change from David Cameron being the likely cause.
UK Referendum is Dealt Mixed Messages Today after Cameron Speech
Pound Sterling’s (GBP) losses today can be attributed to comments made by Cameron regarding the referendum campaign – on the progressive side, the PM urged business owners in support of an ‘In’ vote to start campaigning in their local communities. On the perpetual side, however, the PM admitted that he was ‘in no hurry’ to actually reach an agreement with EU leaders before the end of February, a period that had previously been set in stone as a deadline according to some speculators.
Earlier…
The Pound Sterling (GBP) has made gains of 0.5% against both the Australian Dollar (GBP/AUD) and the New Zealand Dollar (GBP/NZD) this morning, having been put in this supportive position by recent Australian and New Zealand economic announcements.
Ongoing Commodity Concerns Remain a Hindrance for AUD and NZD Today
The most recent Australian data of note has been the Consumer Inflation Expectation for January, which has seen a decline from a previous prediction from 4% to 3.6%. This, along with the unfavourable price of iron ore, has softened the ‘Aussie’ (AUD).
On New Zealand’s side of things, the drop in the price of milk seen yesterday has counteracted the recent rise from 54.9 to 56.7 for the Business NZ Performance of Manufacturing Index in December.
Earlier…
The Pound Sterling (GBP) has largely restored its value to a pre-Carney level this afternoon, having been bolstered by a gradual acknowledgement and acceptance of the morning’s supportive UK Employment figures.
‘Potentially Worse’ if UK Leaves EU, says BP Boss
Another UK-centric economic event today has been the statement from BP Chief Executive Bob Dudley that the UK would likely be worse off if it left the European Union.
Speaking to the BBC, Dudley stated that: ‘I think many of the trade regulations would still apply if Britain were outside of the EU and then, it would be potentially worse being outside of it.’
Dudley went on to say that: ‘I think also Britain’s role in the world in terms of influence – it will have more influence being a part of Europe’.
Earlier…
The Pound Sterling to Australian Dollar (GBP/AUD) and the Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rates have both risen today, although on the whole the Pound (GBP) has been in a state of decline against most of its major rivals.
GBP/AUD, GBP/NZD Exchange Rate News: Supportive Domestic Data Fails to Turn the Tide Today
The current value of Pound Sterling (GBP) has been a point of contention among investors today, as while Sterling has made gains of 0.3% against the New Zealand Dollar (GBP/NZD), 0.6% against the Australian Dollar (GBP/AUD) and 2.5% against the Russian Ruble (GBP/RUB), it has also recorded losses of -0.3% against the Hungarian Forint (GBP/HUF) and -1% against the Japanese Yen (GBP/JPY), along with many other more minimal movements.
Yesterday’s outright denial of an impending UK interest rate hike by Bank of England (BoE) Governor Mark Carney is still having a negative impact on the Pound’s appeal, which has even been undented by the unexpected drop in the ILO Unemployment Rate for the three months to the end of November from 5.2% to 5.1%.
Pair of Losses for Australian Dollar (AUD) and New Zealand Dollar (NZD) after Data Letdown
Both the Australian Dollar (AUD) and the New Zealand Dollar (NZD) have entered a downtrend today, with domestic data being the likely source of these downfalls.
On Australia’s side, the recent Westpac Consumer Confidence Index for January has fallen by -3.5% to 97.3, while New Zealand has been dealt a double blow from the price of milk declining and the Q4 Inflation Rate figure showing a jarring drop from 0.4% to 0.1%.
The Australian Dollar has fallen by -0.3% against the New Zealand Dollar (AUD/NZD) and -0.9% against the Pound Sterling (AUD/GBP) today, while the New Zealand Dollar has risen by 0.4% against the Australian Dollar (NZD/AUD) and fallen by -0.4% against Pound Sterling (NZD/GBP).
GBP, AUD, NZD Exchange Rate Forecast: US Inflation Data has Potential to Shift Trio
Although a number of UK, Australian and New Zealand economic publications are due in the near future, the more impactful release affecting the GBP, AUD and NZD currencies is likely to be this afternoon’s US Consumer Price Index result for December, which has been predicted to remain in positive ranges for both the base figure and that excluding Food and Energy.
Current GBP, AUD, NZD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.0665, the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4841, the Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate was trending in the region of 2.2271, the New Zealand Dollar to Pound Sterling (NZD/GBP) exchange rate was trending in the region of 0.4493, the Australian Dollar to New Zealand Dollar (AUD/NZD) exchange rate was trending in the region of 1.0777 and the New Zealand Dollar to Australian Dollar (NZD/AUD) exchange rate was trending in the region of 0.9283 today.
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