The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has fallen notably today, mainly due to a rallying ‘Aussie’ (AUD) and the answers being given by Bank of England (BoE) officials to the Treasury Select Committee not going down well among investors.
GBP/AUD Exchange Rate News: Sterling Hampered by BoE Testimony Today
The Pound Sterling (GBP) has declined against most of its rivals so far today, with poor domestic data and unpalatable answers from the BoE testimony over interest rates contributing to this performance.
The CBI Reported Sales for November have failed to match with expectations, falling from 19 to 7 instead of rising to 25. The larger detrimental factor, however, has been the testimony of BoE officials today in response to MPs concerns over the BoE’s interest rate decisions and predictions. The answers have been largely dovish in nature and have come from BoE Governor Mark Carney and Chief Economist Andy Haldane.
The Pound has risen by over 0.4% against the Japanese Yen (GBP/JPY), the Russian Ruble (GBP/RUB) and the Turkish Lira (GBP/TRY) today, but has declined by -0.5% against the Australian Dollar (GBP/AUD).
Australian Dollar Gains on Pound Sterling (AUD/GBP) and Peers Today after RBA Speech
The Australian Dollar (AUD) has made notable advances against all of its rivals so far today, having performed strongly since the delivery of a speech by RBA Governor Glenn Stevens. Stevens has warned that cutting the national cash rate in the future is still a possibility, but that this is unlikely to take place until February next year. He also stated that the Australian economy is performing well under current economic pressures, particularly with regard to the nation’s non-mining sectors.
The Australian Dollar (AUD) has risen by more than 0.4% against the Canadian Dollar (AUD/CAD), the Chinese Yuan (AUD/CNY), the Pound Sterling (AUD/GBP) and the US Dollar (AUD/USD) today. This favourable performance comes in stark contrast to recent losses that have been seen by the ‘Aussie’.
GBP/AUD Exchange Rate Forecast: BBA Loans Data Out Tomorrow along with Australian Work Data and RBA Speech
The next movement in the GBP/AUD pairing is likely to come first from the latter side, with a range of Australian figures coming out before tomorrow’s only UK economic publication.
The ‘Aussie’ (AUD) data will cover Skilled Vacancies in October, Construction Work Done in the third quarter and the Westpac-MNI November Consumer Sentiment score, along with a speech in London later on from RBA Assistant Governor Guy Debelle.
The UK’s sole contribution to the pairing will be the October BBA Loans for House Purchases figure that is due to come out positively in the morning.
Current GBP, AUD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.0955 and the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4774 today.
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