The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate has risen considerably today as the stock market calamity continues for a third day.
The ‘Aussie’ (AUD) has triumphed by 1.2% against the Pound Sterling (AUD/GBP) today and elsewhere the Australian currency’s only loss has been a narrow trend against the Canadian Dollar (AUD/CAD). Other major rises include a 0.5% advance against the US Dollar (AUD/USD) and a 2.1% increase against the Euro (AUD/EUR).
The positive performance seen today comes along with economic encouragement from major authorities; Prime Minister Tony Abbott declared that ‘Australians have every reasons to face the future with confidence notwithstanding the headwinds overseas’. This sentiment was echoed by Treasurer of Australia Joe Hockey, who said ‘the fundamentals are Australian companies are profitable, they’re well run and Australia is in a very good position for the future’.
Speaking of the future, Reserve Bank of Australia (RBA) Governor Glenn Stevens indicated a move away from RBA policymaking dictating Australia’s economic outlook by saying; ‘the kind of growth we want won’t be delivered just by central bank adjustments to interest rates or short-term fiscal initiatives…a key question worth asking is ‘how do we generate more growth?’ not temporary, flash-in-the-pan growth, but sustainable growth’.
The Pound Sterling (GBP) has had a mixed set of results today, diving against the commodity currencies while seeing notable gains against emerging market competitors. Major losses included falls of -1.1% against the South African Rand (GBP/ZAR) -1.2% against the Australian Dollar (GBP/AUD) and -1.8% against the Mexican Peso. Gains were made up of 0.8% against the Swedish Krona (GBP/SEK), 1% against the Hungarian Forint (GBP/HUF) and 1.1% against the Israeli New Shekel (GBP/ILS).
The UK Loans for House Purchases in July figure came in today with a 46033 rise over the forecast increase of 46000 and the Pound was further supported by a 3 point rise in the CBI Reported Sales result for August.
Under regular circumstances, the rest of the week would be nothing to look forward to for the ‘Aussie’ (AUD); the UK Nationwide House Price Index for August is due tomorrow, as are the US Q2 GDP results. Friday also holds the UK annual Q2 GDP results.
Positive outcomes in these fields would usually spell disaster for the Australian Dollar’s performance, but since ‘Black Monday’, the ‘Aussie’ seems to have been unfazed by all of the usual negative factors this week, shrugging off a 10.6 point rise in the US Consumer Confidence score for August yesterday and practically ignoring a 2% increase against forecasts in the US Durable Goods Orders figure for July.
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4584 and the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.1825 today.
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