The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate has risen steadily during the European session, mostly by virtue of external factors to the pairing.
The Australian Dollar (AUD) has made a number of considerable advances during the European session, with a 0.3% rise against the Pound Sterling (AUD/GBP) being just one of these. Among other advances have been 0.4% against the New Zealand Dollar (AUD/NZD) and the Canadian Dollar (AUD/CAD), 0.5% against the Chinese Yuan (AUD/CNY) and 0.6% against the US Dollar (AUD/USD).
For the most part, the Australian Dollar has made these admirable gains due to a lack of appeal emanating from the US Dollar, mainly due to the immense uncertainty of economists over whether or not the Fed will raise the US interest rate on October 28th this week.
Pound Sterling (GBP) has Uncertain Faring against Australian Dollar (GBP/AUD) as UK Data Disappoints Investors
Unlike the Australian Dollar (AUD), the Pound Sterling (GBP) has had economic releases so far, but on the whole their results have been detrimental to the UK currency. All three Confederation of British Industry (CBI) results posted negative figures and this was preceded by a notable shortfall with the Loans for House Purchases figure for September. The Pound has been maintained in its performance, however, by a historic situation in the House of Lords where Lords voted on a bill that had yet to be approved; historically, the Lords have only modified existing bills instead of having a say in whether or not those policies actually make it into solid documentation.
The Pound Sterling has risen by over 0.3% against the US Dollar (GBP/USD), the Chinese Yuan (GBP/CNY) and the Russian Ruble (GBP/RUB) today and has seen greater rises of more than 0.5% against the Swedish Krona (GBP/SEK) and the Swiss Franc (GBP/CHF). These have been met on the other side by losses of -0.2% against the Australian Dollar (GBP/AUD), -0.3% against the Norwegian Krone (GBP/NOK) and -0.4% against the Turkish Lira (GBP/TRY).
AUD/GBP Exchange Rate Forecast: Confidence Index to shift Current Rate ahead of UK GDP Tomorrow
The Australian Dollar (AUD) has only one release due to affect it in the near-future – the ANZ Roy Morgan Weekly Consumer Confidence Index. At the time of writing, no forecasts had been made, but the last posting for the result saw a figure of 113.3.
Of higher impact will be Tuesday’s UK Q3 GDP results; predictions have been made for the outcome which are that no change from 2.4% for the yearly result while a fractional decline will take place from 0.7% to 0.6%.
AUD, GBP Exchange Rates
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4727 and the Pound Sterling to Australian Dollar (AUD/GBP) exchange rate was trending in the region of 2.1161 today.
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