Australian Dollar to Pound Sterling (AUD/GBP) Exchange Rate Forecast: ‘Aussie’ Steadies after RBA’s Kent delivers Optimistic Speech

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One Pound Sterling (GBP)

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).

Australian Dollar to Pound Sterling Exchange Rate News: Stable Performance for AUD/GBP follows Long-Term Hope for Economic Revival

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.

Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate sees Marginal Decline as UK Construction Data Fails to Deliver

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.

Australian Dollar to Pound Sterling Exchange Rate Forecast: US Data to be Deciding Factor in AUD/GBP Pairing

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.

Current AUD, GBP Exchange Rates

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.

About

Oliver has developed an expert understanding of the Forex market and the main drivers behind currency movement since entering the financial sector. He writes daily articles covering the latest shifts in currency for a range of sources online, as well as providing potential forecasts of future movement. This gives his followers all the information they require to protect their international money transfers from market exposure and currency risk. - View all posts by Oliver Meredew


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