Much like last week, the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has flopped today, while elsewhere the Pound (GBP) has made smaller but still noticeable losses.
GBP/AUD Exchange Rate News: Weak PMI Hat Trick sends Sterling into the Dumps Today
The Pound (GBP) has been an undesirable prospect overall today, as the UK currency has been in a state of decline against a large majority of its rivals. Losses of note have included -0.5% against the New Zealand Dollar (GBP/NZD) and -0.6% against the Australian Dollar (GBP/AUD), while gains have mainly consisted of 0.5% against the Japanese Yen (GBP/JPY) and 0.8% against the South African Rand (GBP/ZAR).
As with Tuesday and Wednesday, PMI results have been the cause of UK economic misery today. In this particular instance, it was the UK’s composite and services PMIs for February, which fell from 56.1 to 52.8 and from 55.6 to 52.7 respectively.
Australian Dollar (AUD) Soars Today as Pair of Ecostats Amplify Confidence in Australian Economy
In a virtual contrast to the Pound (GBP), the Australian Dollar (AUD) has made bullish gains against most of its major peers today, which have included 0.7% against Pound Sterling (AUD/GBP) and the Canadian Dollar (AUD/CAD) and 0.8% against the US Dollar (AUD/USD).
These advances have been partly brought about by yesterday night’s performance of service index for February, which rose from 48.4 to 51.8. An additional boost came from today’s earlier January trade balance figure, which saw a deficit reduction of -3524m to -2937m take place.
AUD/GBP Exchange Rate Forecast: ‘Aussie’ Retail Sales set to Generate Last Major Movement of the Week
Outside of any unexpected and dramatic developments in the EU Referendum campaign, the only major shift in the AUD/GBP pairing can be expected to take place extremely early on Friday, when Australia’s seasonally adjusted retail sales results for January come. At the time of writing, a rise was expected on the month from 0% to 0.4%.
Looking further ahead, Australia’s February AiG performance of construction index may impact GBP/AUD trading on Sunday. For the index data to mirror that of the recent services figure, a rise will have to be seen from 46.3 to a 50 plus mark.
Current GBP, AUD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 1.9180 and the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.5216 today.
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