Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast to Hold Above 2.13 on Damp Market Sentiment
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate advanced by around 0.4% on Thursday morning.
Although British retail sales showed comparatively positive growth, the Pound dived versus most of its major peers on Thursday. This is likely to be because the previous month’s retail sales figures were negatively revised. Also weighing on demand for the Pound was news that Co-operative Bank will not make any profits for at least two years.
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is currently trending in the region of 2.1410.
The Australian Dollar, meanwhile, cooled versus most of its major rivals thanks to dampened market sentiment amid fears regarding China’s economic slowdown. Additional ‘Aussie’ (AUD) losses can be attributed to iron ore prices, which continue to fall. Goldman Sachs analysts have predicted a 30% iron ore price reduction over the next 18-months which could have serious ramifications for the Australian economy.
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending within the range of 2.1281 to 1.1482.
Pound Sterling to New Zealand Dollar (GBP/NZD) Exchange Rate Forecast to Decline as Dairy Prices Rise
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate softened by around -0.2% on Thursday morning.
‘July’s retail sales figures showed that the pace of spending growth on the high street moderated at the beginning of Q3. But we doubt that this signals a more widespread slowdown in the consumer recovery,’ said Paul Hollingsworth at Capital Economics. Although the Pound is currently trending lower versus its major peers, there is the potential for a recovery once traders digest data just released by the Confederation of British Industry, which saw Augusts’ Total Orders hit -1: eclipsing the median market forecast -10.
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate is currently trending in the region of 2.3717.
The New Zealand Dollar climbed versus its major peers during Thursday’s European session thanks to improving dairy prices, which jumped for the first time since March. ‘Globally supply is still plentiful but buyers may now be more interested in the market,’ the levy board report said. ‘The next few auctions (next one 1 September) could be crucial to whether wholesale prices react positively or not.’
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate was trending within the range of 2.3684 to 2.3792 during Thursday’s European session.
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