The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate has trended in a narrow range today after the Australian economic outlook was assessed optimistically by the Reserve Bank of Australia (RBA).
The Australian Dollar (AUD) has gained slightly against the Pound Sterling (AUD/GBP) today, as RBA Assistant Governor Christopher Kent delivered a speech that predicted a gradual recovery of the Australian economy. Speaking in Brisbane, Kent pointed out that Australian wages remain an area in need of improvement, although last week’s jobs data showed an increase of 38.5K positions in July.
The stagnant earnings growth was put into a better light, however, by Kent’s statement that ‘The subsequent fall in commodity prices was associated with relatively low growth of wages over recent years which, alongside some deprecation of the exchange rate, is helping to restore earlier levels of competitiveness’. Elsewhere, the People’s Bank of China (PBoC) raised the Yuan’s (CNY) value by 0.05% today, a slight move, but still a supportive one for the ‘Aussie’.
The Australian Dollar has risen by 0.3% against the Chinese Yuan (AUD/CNY) today, but has trended narrowly elsewhere.
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has declined today and Sterling (GBP) has had a varied performance elsewhere. This includes losses of over -0.4% against the Israeli New Shekel (GBP/ILS) and the Indian Rupee (GBP/INR), but gains of over 0.5% against the Singapore Dollar (GBP/SGD) and the Turkish Lira (GBP/TRY).
The Pound’s uncertain performance today comes after the UK monthly and yearly June Construction Output results showed growth in both fields, which nonetheless fell below the expected figures.
Australia and the UK do not have any more data releases due today, so the incoming US data is likely to be the key decider of whether the Pound (GBP) or the ‘Aussie’ (AUD) ends up on top. Forecasts have been generally positive for the US economy, so it seems that a GBP/AUD rally is likely, unless the also incoming Eurozone approval of the Greek bailout proposal restores a major amount of confidence in the Euro (EUR) and triggers a dissipation of demand for the safe-haven currency.
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.7387 and the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 1.3541 today.
Disclaimer: Currency-Converter.com.au and its data provider, TorFX, make no claims regarding the validity or exactness of the information provided in on this site and will not be held liable for any use, interpretation, or other implementation of the information provided. Currency-converter.com.au make no warranties, express or implied, as to results to be obtained from use of such information, and make no express or implied warranties of condition, quality, performance, merchantability or fitness for a particular purpose or use. Currency-converter.com.au shall not have any liability for the accuracy of the information contained in the services provided or ommissions there in which are made available on a free, as-is basis. None of the aforementioned parties shall be liable for any third party claims or losses of any nature, including, but not limited to, lost profits, punitive, consequential, special, incidental, indirect or similar damages even if advised of the possibility of such damages. Rates offered are interbank rates and may not be the same as offered by your financial institution, and do not include commissions. Rates shown on this site will vary from those provided by TorFX or other providers linked to from this site.