The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has risen slightly today, with far greater gains for the Pound (GBP) being recorded elsewhere.
GBP/AUD Exchange Rate News: UK Economy given a Boost by Budget Deficit Reduction
The value of Pound Sterling (GBP) has rocketed against many of UK currency’s peers today, primarily on account of the UK budget deficit coming in below forecast. This positive showing represents a major improvement on the earlier soft status of the Pound seen this week.
The base Public Sector Net Borrowing outcome for December has changed from 12.9bn to 6.9bn, while the variant Excluding Banking Groups has shown a shift from 13.5bn to 7.5bn. In a less positive development, the nation’s December Retail Sales have fallen from 3.5% to 2.1% on the year.
Pound Sterling has risen by a minor amount against the Australian Dollar (GBP/AUD) today but has seen greater advances of 0.6% against the Euro (GBP/EUR), 0.8% against the Swiss Franc (GBP/CHF) and 1% against the New Zealand Dollar (GBP/NZD). On the other side of the coin, a -4.2% drop has been observed against the volatile Russian Ruble (GBP/RUB).
Australian Dollar (AUD) Exchange Rate Mixed Today on Cautious BoA Forecast
The Australian Dollar (AUD) has risen overall today, with a small loss against the Pound Sterling (AUD/GBP) and a -0.6% drop against the Canadian Dollar (AUD/CAD) representing the only real negative movement. On the plus side, gains have included 0.5% against the Chinese Yuan (AUD/CNY) and the Euro (AUD/EUR) as well as 0.9% against the New Zealand Dollar (AUD/NZD).
The Bank of America have given their opinion on a number of issues likely to direct the course of the ‘Aussie’ in the present year, which is the possible cause for the current appreciation. The BoA has estimated a 2015-beating GDP growth result, a continued strong show of support from the domestic services sector and a less positive rise to 6% for the Unemployment Rate by the end of the year.
GBP/AUD Exchange Rate Forecast: Cameron’s Czech Battle Approaches for Referendum Refinement
Although the major UK and Australian economic announcements of the week are now all out, the Pound (GBP) still has the potential to be moved by an impending event concerning the UK Referendum.
PM David Cameron is due to meet Czech Republic PM Bohuslav Sobotka in Prague today in an attempt to win the leader over to his conditions for the UK Referendum. However, it remains to be seen whether Cameron will meet with any success today, given that the Czech government (among others) have been highly vociferous about refusing Cameron’s four year benefits freeze proposal.
Current GBP, AUD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.0308 and the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4926 today.
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