The Australian Dollar (AUD) has risen against the Pound Sterling (AUD/GBP) today, in spite of highly unfavourable circumstances surrounding the ‘Aussie’.
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate has risen by 0.5% today; this comes despite the Chinese Yuan (CNY) remaining devalued for a second day in a row. The NAB Business Confidence figure for July (announced yesterday) was also injurious to the ‘Aussie’ (AUD): it showed a drop from 8 points down to 4.
However, bucking the trend of these negative factors, the Westpac Consumer Confidence Change and Index for August both exceeded expectations, and Reserve Bank of Australia (RBA) Deputy Governor Philip Lowe’s speech held similar optimism for the Australian economy. Lowe said that ‘Rising housing prices are best matched by rising incomes’, and advocated that ‘new ideas and better ways…[if] done properly, it could help [to] lift the return to other forms of investment in a wide range of industries across the economy’.
The Australian Dollar has risen by 0.7% against the US Dollar (AUD/USD) and has seen a greater rise of 1.8% against the Chinese Yuan (AUD/CNY), but has fallen by over -0.5% against the New Zealand Dollar (AUD/NZD) and the Euro (AUD/EUR).
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has fallen by -0.5% today, and the Pound (GBP) has had an incredibly mixed relationship with other currencies. Losses of over -1.1% were seen against the Hungarian Forint (GBP/HUF), the Czech Koruna (GBP/CZK) and the Swiss Franc (GBP/CHF), while gains of over 1.2% were seen against the Indian Rupee (GBP/INR), the Chinese Yuan (GBP/CNY) and the Russian Ruble (GBP/RUB).
The UK Employment Change for the three months through June saw a loss of -63K jobs, a significantly worse result than the predicted -55K loss. The Jobless Claims Change result for July showed a -4.9K drop, although this was insufficient to reduce the damage done to the Pound by the massive loss of UK jobs.
For the immediate future, the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate is set to remain favourable. The stabilisation of the Eurozone following a potentially imminent conclusion to Greece’s bailout talks has lowered the value of the US Dollar (USD); this has subsequently rallied the ‘Aussie’ (AUD) and allowed it to advance against the Pound (GBP). Unless major setbacks spring up unexpectedly in Athens, the Australian Dollar may remain unaffected by tomorrow’s US Advance Retail Sales figure as long as it doesn’t exceed forecasts, and a positive Australian Consumer Inflation Expectation result for August tomorrow may further the Australian Dollar’s current surprise gains.
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4716 and the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.1213 today.
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