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Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast to Edge Higher on Commodities

Australian Dollar Currency Forecast

The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate edged higher by around 0.11% on the morning of Christmas Eve. This is most likely due to continued price cuts in the commodities market, with particular reference to iron ore. The Pound, meanwhile, is generally holding steady against its major peers thanks to quiet trading during the holiday period.

The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.9150.

Pound Sterling (GBP) Exchange Rate Trending within Tight Range on Lack of Data

The economic calendar is particularly sparse this Christmas Eve and, unsurprisingly, the markets are correspondingly quiet. A complete absence of British data has seen the Pound remain relatively static against most of its rivals.

The Pound Sterling to Australian Dollar exchange rate has fallen to a low today of 1.9095.

Australian Dollar (AUD) Exchange Rate Softens Fractionally on Commodities

Although there is a distinct lack of data pertaining to Australia, the ‘Aussie’ (AUD) softened fractionally. This can be attributed to yet more declination in iron ore prices. A Federal Government Report indicated that; ‘The current market oversupply is expected to prevail through the start of 2015 in response to a likely ongoing cyclical downturn in China’s housing sector.’

The Pound Sterling to Australian Dollar exchange rate has advanced to a high today of 1.9172.

Yesterday…

The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is currently trending within a narrow range. This is likely to be a direct result of quiet trading as we approach Christmas. The Australian Dollar has lost ground against many of its major peers whilst commodities continue to trend bearishly. The Pound, meanwhile, softened against nearly all of its most traded rivals after growth data failed to impress.

The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.9169.  

The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.9118.

Pound Sterling (GBP) Exchange Rate Dives on GDP

British data produced mixed results on Tuesday, although the market reaction suggests the negative outweighed the positive. Of particular detriment was the finalised figure for annualised third-quarter Gross Domestic Product, which failed to meet with the median market estimate of 3.0% growth, with the actual result only showing growth of 2.6%.

‘In annual terms, growth was revised down to 2.6 percent from a previous reading of 3.0 percent, hurt by lower business and government investment and higher imports than thought in an earlier estimate. Household spending rose 0.9 percent from the April-June period, picking up speed from the second quarter, and was the main driver of growth,’ stated William Schomberg, writing for Reuters.

The Pound Sterling to Australian Dollar exchange rate has dropped to a low today of 1.9130.

Australian Dollar (AUD) Exchange Rate Fluctuates on Commodities

A complete absence of Australian economic data has seen the ‘Aussie’ (AUD) subject to changes in the commodities market. The general bearishness of commodities, with particular reference to iron ore and oil, has caused the ‘Aussie’ to soften against most of its major peers.

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

With a lack of domestic data to provoke volatility, the Pound Sterling to Australian Dollar exchange rate is likely to hold reasonably steady. With that being said, however, any significant changes in the commodities market will impact upon the Australian Dollar, as well as the Conference Board Leading Index due for publication late on Tuesday evening.

The Pound Sterling to Australian Dollar exchange rate has climbed to a high today of 1.9266.