The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has levelled out today after the University of Michigan Confidence survey failed to cause a serious shift in the pairing.
Surprise Drop in US Confidence Index Denies GBP/AUD Rally
The Pound Sterling (GBP) has trended narrowly against the Australian Dollar (GBP/AUD) today as the US Confidence survey saw a -0.2 point drop, rather than the expected 0.5 point gain. Although this dip was minor, it has still (marginally) strengthened the Australian Dollar (AUD) against the Pound Sterling (AUD/GBP).
However, further US data releases are due on Monday, and these will once again provide the opportunity for the Pound to rise against the ‘Aussie’, should they prove supportive to the ‘Greenback’ (USD).
Earlier…
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has declined slightly today, as a rising Yuan (CNY) and a positive RBA outlook combined to raise the Aussie’s (AUD) value.
Underwhelming UK Data Releases prevent Immediate Rally in GBP/AUD Pairing
The Pound Sterling (GBP) has fallen by -0.2% against the Australian Dollar (GBP/AUD) today, as Reserve Bank of Australia (RBA) Assistant Governor Christopher Kent’s speech provided a level outlook for Australia’s economic future. Although Kent was not exactly ebullient about the state of Australia’s economy, he said ‘There’s a slight positive story to the recent data, but the economy is still growing at a moderate pace’, adding that ‘Even though measured GDP growth has remained moderate over the past year or so, the unemployment rate appears to have stabilized and demand for labour has picked up’.
The ‘Aussie’ (AUD) was also helped by the People’s Bank of China (PBoC) raising the Yuan’s (CNY) value by 0.05%; a small number, but nonetheless a supportive measure for the Chinese economy. The Pound was unable to rally against the ‘Aussie’ after the UK June monthly and yearly Construction Output figures showed growth which was nonetheless below forecasts.
Earlier…
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate rose today as a third day of devaluation for the Chinese Yuan (CNY) hobbled the Australian Dollar’s (AUD) performance.
Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate News: Pound (GBP) Recovers to Rise against Soft ‘Aussie’ (AUD)
The Pound Sterling (GBP) has gained against the Australian Dollar (GBP/AUD) by 0.2% today, as Sterling’s value settled following the loss of -63K UK jobs in the three months through June announced yesterday. The UK had only one data release today; the RICS House Price Balance for July. This figure was a positive contributor to the Pound’s performance today as it rose to 44%, a 2% increase over the forecast result.
The Pound Sterling gained by over 0.5% against the New Zealand Dollar (GBP/NZD), the Canadian Dollar (GBP/CAD) and the Mexican Peso (GBP/MXN) today and saw a greater gain of 1.4% against the Turkish Lira (GBP/TRY). However, the Pound fell significantly by -1.4% against the Swedish Krona (GBP/SEK).
Australian Dollar to Pound Sterling (AUD/GBP) Exchange Rate remains Unfavourable thanks to PBoC’s Interference
The Australian Dollar (AUD) has continued to soften today as the Chinese Yuan (CNY) was lowered by -1.1% this morning by the People’s Bank of China (PBoC). Although this was less than Tuesday’s -1.9% drop and yesterday’s devaluation of -1.6%, this has still negatively impacted the performance of the ‘Aussie’. The Australian currency has also been harmed by the resurging US Dollar (USD), which rose in demand following the softening of the Euro (EUR) amid Greek bailout fears.
The Australian Dollar fell by -0.2% against the Pound Sterling (AUD/GBP) today and saw a marginally greater loss of -0.3% against the US Dollar (AUD/USD). In terms of gains, the ‘Aussie’ rose by 0.3% against the New Zealand Dollar (AUD/NZD) and 0.4% against the Canadian Dollar (AUD/CAD).
Pound Sterling to Australian Dollar Exchange Rate Forecast: RBA’s Kent Speech may Restore AUD/GBP if US Data Disappoints
The Pound Sterling (GBP) and the Australian Dollar (AUD) both have relatively quiet days tomorrow, although the Reserve Bank of Australia (RBA) speech by Assistant Governor Christopher Kent may send the Aussie skyrocketing if Kent offers a sufficiently optimistic statement on the Australian economy. However, there is no guarantee that the PBoC will not devalue the Yuan for a fourth consecutive day, although statements by the PBoC strongly imply that if this occurs, it will be by less than -1%.
For the Pound, the UK monthly and yearly Construction Output figures for June are due out tomorrow and both figures have been forecast optimistically. If this proves accurate then, along with the US University of Michigan Confidence survey score for August meeting expectations, the Pound can be expected to rise further against the ‘Aussie’.
Current GBP, AUD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.1188 and the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4721 today.
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