Both the Pound Sterling to Australian Dollar (GBP/AUD) and Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rates have risen today, while for the most part the Pound (GBP) has repeated this performance elsewhere.
GBP/AUD, GBP/NZD Exchange Rate News: EU Steel Investigation could Spell Relief for UK Industries
Pound Sterling (GBP) has made a large number of gains today, clearly eclipsing losses seen earlier on in the week. These have included but not being limited to 0.8% against the Australian Dollar (GBP/AUD), 1.1% against the New Zealand Dollar (GBP/NZD) and 1.5% against the Thai Baht (GBP/THB).
A pair of developments may be the authors behind this success today; the first has been the UK’s Construction Output results for December, which have been ultimately positive when compared to their previous printings.
Additionally, the start of three investigations into unfair competition from Chinese steelmakers by the European Commission has the potential to bolster the UK’s economy considerably in the future. This is owing to several high profile closures and job cuts being made in the UK steel industry over recent months, something caused in no small part by an overflow of cheap alternatives from abroad.
Australian Dollar (AUD) and New Zealand Dollar (NZD) Crash Today as Market Storms Continue
The antipodean pairing (AUD, NZD) has flopped today, with the recent turmoil witnessed in the world’s markets seriously limiting the appeal of either currency.
On the side of the ‘Aussie’, losses have been brought about by a shortfalling December home loans figure, as well as a number of exceptionally bleak forecasts made about the future value of iron ore.
Although New Zealand has recently been bolstered by the price of milk and food rising, the ‘Kiwi’ has still flopped due to similarly pessimistic predictions for the near-future value of the respective national commodity, dairy products.
GBP, AUD, NZD Exchange Rate Forecast: Potential for Movement from Impending Impactful US Releases
No UK, Australian or New Zealand data is due out today, but the afternoon may still see movement caused by the US’s January Advance Retail Sales and University of Michigan Confidence score for February, given that the US economy is still capable of exerting an influence on the more unstable commodity currencies.
In both fields, predictions are for advances on previous postings.
Current GBP, AUD, NZD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.0480, the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4885, the Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate was trending in the region of 2.1832, the New Zealand Dollar to Pound Sterling (NZD/GBP) exchange rate was trending in the region of 0.4583, the Australian Dollar to New Zealand Dollar (AUD/NZD) exchange rate was trending in the region of 1.0664 and the New Zealand Dollar to Australian Dollar (NZD/AUD) exchange rate was trending in the region of 0.9382 today.
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