Pound Sterling to Australian Dollar (GBP/AUD) exchange rate softened on Friday as a result of cooling British growth as evidenced by Friday’s Gross Domestic Product data, the Pound has advanced against many of its most traded currency competitors. However, the Pound has declined against the Australian Dollar after data out of the world’s second-largest economy printed impressively.
The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.8278.
Over the past three days the Pound has endured a sustained bearish run. Negative domestic data initiated the downtrend which was further compounded by dovish minutes from the Bank of England’s most recent policy meeting.
Yet more disappointing British data on Thursday saw further Sterling declination after retail sales cooled in September. Year-on-year Retail Sales showed growth of 3.1%, well below the annual 4.4% gain recorded the previous month.
Conversely, the Australian Dollar has generally advanced over the past few days from a combination of positive economic data and improved market sentiment. Thursday saw the ‘Aussie’ (AUD) surge after Chinese manufacturing showed October’s preliminary score to have eclipsed the median market forecast.
The Pound Sterling to Australian Dollar exchange rate has fallen to a low today of 1.8235.
On Friday the Pound advanced a little despite slower quarterly economic growth. Year-on-year Gross Domestic Product met with the median market forecast of third-quarter growth of 3.0%, down from YoY growth of 3.2% in the second quarter. On a quarter-on-quarter basis, the GDP decline from 0.9% to 0.7%.
Chancellor George Osborne stated; ‘With all the main sectors of the economy growing it’s clear that our recovery is broadly based. But the UK is not immune to weakness in the euro area and instability in global markets, so we face a critical moment for our economy’.
The Australian Dollar has enjoyed a healthy upsurge on Friday thanks to positive Chinese data. The nation’s Leading Economic Index rose from 299.9 to 302.6.
Pound Sterling to Australian Dollar Forecast to Shore Up
With trader risk sentiment being called into question over renewed anxieties regarding the Ebola virus, the Australian Dollar is likely to fade against safe-haven assets. Additionally, the ongoing glut in iron ore has the potential to drag the ‘Aussie’ Dollar down.
Despite the British growth figures showing a cooling in economic expansion, there are still signs of progress and the results met with economists’ predictions. This should enable the Pound to make a meaningful gain in the long-term.
The Pound Sterling to Australian Dollar exchange rate has reached a high today of 1.8386.
Australian Dollar (AUD) Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Australian Dollar,
,US Dollar,0.8781,
Australian Dollar,,Euro,0.6937,
Australian Dollar,,Pound,0.5473,
Australian Dollar,,New Zealand Dollar,1.1197,
US Dollar,,Australian Dollar,1.1391,
Euro,,Australian Dollar,1.4415,
Pound Sterling,,Australian Dollar,1.8267,
New Zealand Dollar,,Australian Dollar,0.8930,
[/table]
