The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has declined slightly today and against other currencies both the Pound (GBP) and the ‘Aussie’ (AUD) have dived in value from their negative economic printings.
GBP/AUD Exchange Rate News: Declining Mortgage Approvals combine with CBI Sales to Lower Sterling Today
The Pound Sterling (GBP) has performed poorly against the Australian Dollar (GBP/AUD) today by trending in a narrow range. Elsewhere, few positive movements have been recorded, with 0.3% against the South African Rand (GBP/ZAR), 0.5% against the Indian Rupee (GBP/INR) and 1.4% against the Russian Ruble (GBP/RUB) being the most prominent examples in this area. The greatest of Sterling’s other losses have been by -0.4% against the Euro (GBP/EUR), -0.5% against the Hungarian Forint (GBP/HUF) and the Danish Krone (GBP/DKK) and -0.7% against the Polish Zloty (GBP/PLN).
The most impactful UK results today have been the yearly Nationwide House Prices for October, Mortgage Approvals in September and the CBI Reported Sales figure for October. The first result rose marginally from 3.8% to 3.9%, while the second declined from August’s posting of 70.7k to 68.9k. Worst, however, was the CBI printing, which recorded a drop from 49 to 19.
‘Aussie’ (AUD) Dives as Australian Housing Oversupply apparently Confirmed by Today’s Sales Results
The Australian Dollar (AUD) has trended narrowly in a positive range against the Pound Sterling (AUD/GBP) today, although this had been one of few other advances. Against other rivals, the ‘Aussie’ has only managed a 0.2% rise against the Canadian Dollar (AUD/CAD); this has been offset by drops of -0.3% against the New Zealand Dollar (AUD/NZD) and the Euro (AUD/EUR).
Fears from economists including Reserve Bank of Australia (RBA) officials that the Australian housing market is dealing with a severe amount of oversupply were seemingly confirmed today with the Australian New Home Sales for September falling by -4%. Import and Export Prices also fell according to their indices and to add insult to injury, the price of copper has fallen noticeably since yesterday as well.
GBP/AUD Exchange Rate Forecast: US Data, UK Confidence and Australian PPIs to Generate Movement in Near-Future
The next announcements likely to affect the GBP/AUD exchange rate will be today’s US annualised Q3 GDP results along with the Core Personal Consumption Expenditure (PCE) for the third quarter, tomorrow morning’s UK Gfk Consumer Confidence Survey for October and the Australian Q3 Producer Price Indexes.
At the time of writing, declines to 1.6% and 1.4% had been predicted for the GDP and Core PCE respectively, while a minimal rise from 3 points to 4 had been forecast for the current month’s Consumer Confidence Survey score.
With the Australian PPIs, no forecasts have been made.
Current GBP, AUD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.1513 and the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4650 today.
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