The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate edged lower on Wednesday. This is as a result of a very slightly better-than-expected Chinese Manufacturing PMI. To aid the fractional ‘Aussie’ (AUD) uptick was domestic data which met with forecast figures.
The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.9000.
yesterday…
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate extends losses to around -0.61% on Monday. This is as a result of the People’s Bank of China opting to loosen monetary policy. A complete absence of economic data to curb the trend has seen the Pound extend losses against the Australian Dollar.
The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.9073..
Pound Sterling (GBP) Exchange Rate Steady on Lack of Data
As explained above, the Pound is trending within a tight range against most of its major peers thanks to a complete absence of data. Any movement is likely to be a result of fluctuations in the currency market. Compounding the lack of movement is extremely quiet trading during the holiday period, which is unlikely to pick up until the start of 2015.
The Pound Sterling to Australian Dollar exchange rate has dropped to a low today of 1.9100.
Australian Dollar (AUD) Exchange Rate Rallies on PBOC
The People’s Bank of China elected to loosen monetary policy, causing the Australian Dollar to strengthen against nearly all of its major peers.
An industry expert stated; ‘According to the Chinese-language China Business News, the People’s Bank of China (PBoC) held a meeting with 24 major financial institutions on 24 December and reportedly will allow interbank deposits and loans of non-bank financial institutions (excluding finance companies) to be included when calculating loan-to-deposit ratios, while waiving the reserve requirement for those deposits.’
The ‘Aussie’ (AUD) surge has somewhat reached a plateau, however, after an iron ore glut caused prices to decline significantly. As the world’s foremost iron ore exporter, Australia suffers from the decline in iron ore prices.
Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast to Trend Higher
Given that market trading is quiet, and there is a complete absence of domestic data to drive changes, the Pound Sterling to Australian Dollar exchange rate is likely to continue trending higher on Monday.
The Pound Sterling to Australian Dollar exchange rate has climbed to a high today of 1.9186.
