The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate has been in an advantageous state for most of the day today, although just recently the Australian currency (AUD) has taken a downwards slant against the Pound (GBP).
The Australian Dollar (AUD) has fallen into a slump today, with notable losses being recorded of -0.9% against the Pound Sterling (AUD/GBP) and the Euro (AUD/EUR), -1% against the Canadian Dollar (AUD/CAD) and -1.6% against the Chinese Yuan (AUD/CNY).
The likely triggering factors for this fairly sudden downtrend are the outcomes of the recent US Change in Non-Farm Payrolls and Unemployment Rate data for January, which despite proving a highly mixed bag have nonetheless resulted in the US Dollar (USD) appreciating and the Australian Dollar subsequently softening.
In a slightly more positive development, the Reserve Bank of Australia (RBA) Statement on Monetary Policy saw the RBA state that the Australian currency had been adjusting well to the currently unstable state of the world’s commodity markets.
Ending the week on a low note, however, was the fact that the Chinese New Year is scheduled to start of February 8th, which is sure to scupper any hopes of rapid and decisive governmental intervention into the Chinese stock markets; the Shanghai Composite was down by -0.63% at the time of writing.
Pound Sterling (GBP) has declined overall today, with the triggering factor being continued discontent over yesterday’s Bank of England (BoE) Interest Rate Decision, which resulted in a unanimous ‘no’ vote.
No UK data has been released today, so investors have been forced to base their actions on the news that while PM David Cameron has won the support of Denmark for his UK Referendum draft terms, the meeting with Poland today has only resulted in a call for ‘further discussion’.
Sterling has made an advance of 0.9% against the Australian Dollar (GBP/AUD) today, but fallen by -0.6% against the Swiss Franc (GBP/CHF), -0.7% against the Chinese Yuan (GBP/CNY) and -1.1% against the Israeli New Shekel (GBP/ILS).
The week to come will bring a range of high-impact economic announcements from Australia and the UK; the former country will get the starting advantage when the HIA new home sales for December are announced on Tuesday. Following this will be the UK’s Trade Balance figures for the same month and later on, Westpac’s Consumer confidence score for February.
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4893 and the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.0445 today.
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