The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate plummeted by around -0.48% on Friday, despite the commodities market has softening, t This is likely to be attributed to disappointing British data dragging Sterling down.
The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.8351.
Earlier…
With the commodities market softening as a result of OPEC’s failure to address the oil glut, the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is holding steady. This can also be attributed to soft British data causing the Pound to struggle sustaining an advance.
The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.8436.
Pound Sterling Exchange Rate Strengthens
Friday’s British economic data has printed disappointingly, causing the Pound to fluctuate against its major peers. The Gfk Consumer Confidence Survey equalled the previous figure of -2 in November, failing to meet with the market consensus of a rise to -1. In addition, seasonally adjusted Nationwide House Prices saw a monthly decline from 0.5% to 0.3%, and non-seasonally adjusted Nationwide House Prices saw a yearly drop from 9.0% to 8.5%.
‘There is something of a disconnect between the slowdown in the housing market in recent months and broader economic indicators, which have remained relatively upbeat,’ stated Robert Gardner, chief economist at Nationwide. ‘While cooling in the London market is a part of the story, this is unlikely to be main explanation for the slowdown. ‘
The Pound Sterling to Australian Dollar exchange rate has dropped to a low today of 1.8420.
‘Aussie’ (AUD) Softens on OPEC
After OPEC failed to react to the current oil glut, commodities have softened in response. Therefore, commodity-correlated currencies, such as the Australian Dollar, have softened against many of their major peers.
‘The falling oil price is making the Dollar a more attractive alternative to currencies from oil-producing countries,’ said Peter Kinsella, a senior foreign-exchange strategist at Commerzbank AG in London.
GBP/AUD Exchange Rate Forecast to Strengthen
With the oil glut causing trader anxieties to mount concerning high-yielding assets, the Pound Sterling to Australian Dollar exchange rate is likely to strengthen.
The Pound Sterling to Australian Dollar exchange rate has climbed to a high today of 1.8509.
Pound Sterling to Australian Dollar Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Australian Dollar,
,US Dollar,0.8519,
Australian Dollar,,Euro,0.6827,
Australian Dollar,,Pound,0.5424,
Australian Dollar,,New Zealand Dollar,1.0838,
US Dollar,,Australian Dollar,1.1736,
Euro,,Australian Dollar,1.4642,
Pound Sterling,,Australian Dollar,1.8431,
New Zealand Dollar,,Australian Dollar,0.9226,
[/table]
