Pound Sterling (GBP) has remained soft across the board today, posting losses of –1.9% against the US Dollar (GBP/USD) and -2.9% against the Australian Dollar (GBP/AUD).
PM’s Commons Speech has Limited Impact on GBP’s Value
In addition to Boris Johnson’s entry into the opposition camp destabilising the Pound (GBP) today, the PM’s recent speech in the House of Commons has also had no real positive effect on the appeal of Sterling.
Earlier…
The Pound Sterling to Australian Dollar (GBP/AUD) and Pound Sterling to US Dollar (GBP/USD) exchange rates have crashed today, as have all of the other major Pound pairings. This comes in the wake of a significant development for the ‘Out’ EU referendum campaign.
GBP/AUD, GBP/USD Exchange Rate News: Boris Johnson Sends Sterling to Historic Lows Today
Pound Sterling (GBP) has nosedived across the board today, which is mainly a symptom of influential London Mayor Boris Johnson throwing his weight behind the ‘Out’ campaign, something that has sent investors panicking and put the Pound at its lowest point in over a year against most of its competitors. Compared to this, last week’s lacklustre movement can be considered as a better time for Sterling.
Among these notable losses have been -2.2% against the US Dollar (GBP/USD), -2.7% against the Australian Dollar (GBP/AUD), -3.5% against the Mexican Peso (GBP/MXN) and -4.2% against the Russian Ruble (GBP/RUB).
Australian Dollar (AUD) Rallies Today while US Dollar (USD) Puts on Mixed Performance
The Australian Dollar (AUD) has risen against all of its usual rivals today, with the likely cause being the news that iron ore prices have breached the $50 per tonne mark, a naturally supportive development for the Australian economy.
‘Aussie’ gains have included 0.7% against the US Dollar (AUD/USD) and 2.9% against Pound Sterling (AUD/GBP).
The US Dollar (USD) has had a more mixed faring today, with the most recent development, a ‘business as usual’ statement from the Fed on Friday, failing to inspire any large degree of confidence among investors.
The US Dollar has fallen by -0.5% against the Australian Dollar (USD/AUD) today but made a greater gain of 2.3% against Pound Sterling (USD/GBP).
GBP, AUD, USD Exchange Rate Forecast: Afternoon’s US Manufacturing PMI due Shortly
The near-future will see the announcement of the first US data of the week, in the form of manufacturing PMI for February. At the time of writing, forecasts were for a fractional rise from 52.4 to 52.5.
Looking further ahead, the future will bring the Australian Roy Morgan weekly consumer confidence index for February, while the next UK data, the pessimistically predicted CBI reported sales result for February, isn’t due until Wednesday morning.
Current GBP, AUD, USD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 1.9574, the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.5110, the Pound Sterling to US Dollar (GBP/USD) exchange rate was trending in the region of 1.4080, the US Dollar to Pound Sterling (USD/GBP) exchange rate was trending in the region of 0.7104, the Australian Dollar to US Dollar (AUD/USD) exchange rate was trending in the region of 0.7194 and the US Dollar to Australian Dollar (USD/AUD) exchange rate was trending in the region of 1.3908 today.
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