Pound Australian Dollar (GBP/AUD) Exchange Rate Fluctuates as Lira Rebounds
The Pound Australian Dollar (GBP/AUD) exchange rate is trending narrowly today following a rally in the Turkish Lira (TRY), which has eased market aversion to risk-related currencies.
However, the ‘Aussie’ is unable to turn this into notable gains as the financial situation in Turkey still remains on a knife edge, with the Lira’s 4.5% boost not enough to offset the massive losses it haemorrhaged last week.
Sterling is remaining relatively firm today, unable to turn the UK’s positive employment data into any gains amid the now-common Brexit unrest.
Pound (GBP) Exchange Rates Steady following Better-than-Forecast Employment Data
The Pound (GBP) is trading in a narrow margin with most of its major peers this session after the UK’s latest unemployment rate dropped to 4% in June, down from the previous figure of 4.2%.
This has been enough to keep Sterling’s exchange rates steady, as the UK’s wage figures were much less impressive, offsetting any major increase in the currency’s value.
Also directing investor confidence in GBP are lingering Brexit anxieties, which despite cooling this week in the absence of incendiary headlines are certainly not forgotten.
Analysts predict that the Pound may see a rough few months ahead, as Brexit talks advance and global political unrest continues.
Australian Dollar (AUD) Muted amid Uncertain Risk Market
Australian Dollar (AUD) exchange rates are fairly subdued today, with the rebound in Turkish Lira (TRY) value easing the downward trajectory on market risk-appetite, but not inspiring a broad enough rally to see risk-related currencies garner appeal.
This leaves the ‘Aussie’ at the mercy of Turkey’s economic situation, which analysts believe may worsen further before seeing wholesale recovery.
Pound Australian Dollar Exchange Rate Forecast: Australian Consumer Confidence Index to Boost GBP/AUD?
Looking ahead, the Pound Australian Dollar (GBP/AUD) exchange rate may rise overnight as Australia’s latest consumer confidence index is released, with economists forecasting a downturn in the figure.
Should this be the case, Sterling may further consolidate the advantage it has already achieved so far in this week’s session.
The Pound will also be hoping for a positive showing in tomorrow morning’s inflation rate figure for July, as this could spark market optimism of interest rates being raised further, in turn enlivening GBP.
Otherwise, all eyes will be on the unfolding crisis in Turkey, as well as on Brexit and the ongoing US-China trade spat.
Comments are closed.