The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has fallen by a small amount today, while for the most part, the Pound (GBP) has been softened against a majority of its other competition.
GBP/AUD Exchange Rate News: UK Takes a Battering as Storm Frank Heaps on More Misery
The Pound Sterling’s (GBP) poor faring against its peers today has mainly been due to two occurrences. The first is that the recent bout of storms faced by the northern portions of the British Isles have lately been calculated to cost relevant insurers and businesses between £900m and potentially in excess of £1.2bn; the second is that according to a prediction made by the Chartered Institute for Personnel and Development (CIPD), the growth of wages in the UK is levelling out. This devaluation of the Pound due to storm damage costs is expected to continue in the coming weeks, as it only started to really take effect yesterday.
According to the CIPD’s report, due to an influx of skilled migrants to the country, a skills shortage will simply not be present, therefore the likelihood of genuine wage growth across the country’s various sectors has subsequently decreased significantly.
The Pound Sterling has fallen by -0.2% against the Australian Dollar (GBP/AUD) today but made gains of 0.5% against the Norwegian Krone (GBP/NOK) and 1% against the Russian Ruble (GBP/RUB). One other notable loss has been by -0.4% against the Swiss Franc (GBP/CHF).
Australian Dollar (AUD) Stays Afloat after Indian Uranium Deal is Passed
The Australian Dollar (AUD) has managed to avoid falling into a negative state against the Pound Sterling (AUD/GBP) and other currencies today, with the most recent beneficial event being the announcement of an agreement between India and Australia over the supply of nuclear fuel materials from the latter country to the former. With Australia’s previously mining-based economy taking a noticeable hit in the current year, this new source of trade is likely to provide a vital lifeline in the transitioning national economy.
The Australian Dollar has advanced by 0.2% against the Pound Sterling (AUD/GBP) and by 0.3% against the Canadian Dollar (AUD/CAD) today and has elsewhere trended narrowly in a positive range.
GBP/AUD Exchange Rate Forecast: Last 2015 Australian Release Out Tomorrow, Further Data in New Year
Of both the UK and Australia, only the latter has an economic release left before the coming of the New Year; this will be tomorrow’s Private Sector Credit result for November. At the time of writing, the prevailing forecast was that the figure would decline from 0.7% to 0.57%.
In order to find further economic releases for both currencies, it necessitates looking ahead into the first week of 2016. For Australia, representation will come on January 3rd with the AIG Manufacturing Index for December. The outcome is expected to show a decline from 52.5 points to 51.95.
The UK will get its first releases of 2016 on January 4th, when the Bank of England (BoE) Consumer Credit and Mortgage Approvals of November come out, along with the December Markit/CIPS Manufacturing PMI. At the time of writing, expectations were for a rise in all three fields.
Current GBP, AUD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.0296 and the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4928 today.
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