Australian Dollar Pound Exchange Rate Tumbles in Parallel with Iron Ore
The Australian Dollar to Pound (AUD GBP) exchange rate dropped on Thursday as iron ore slid from a two-year high.
If you're looking to make an international money transfer, we recommend TorFX.
Australian Dollar Pound (AUD GBP) Slides as Iron Ore Prices Dip
The Australian Dollar dropped late on Thursday as the market remained unsettled by volatility in iron ore prices, which slipped from $82.25 to $79.07 a tonne.
Prices for Australia’s largest export have become increasingly unstable in recent weeks, moving as much as 9% in a single session as Chinese commodity futures appeared to be increasingly influenced by speculative factors.
‘Brexit’ Worries Weigh on Pound
Meanwhile the Pound remains pressured by concerns over ‘Brexit’ as France’s leading financial regulator, Benoit de Juvigny, told the BBC that many businesses and large banks had begun informal inquiries into relocating to Paris and other financial centres on the continent.
The report appeared to have confirmed investors’ fears that ‘Brexit’ could cause London to lose its status as the de facto centre of the European Financial market.
AUD GBP Forecast: Australian Data Likely to Pressure ‘Aussie’
The AUD GBP exchange rate may slide further today with the release of the latest Home Loan data as traders predict that they will fall to -1.0% in October, down from 1.6% the month before.
Meanwhile, the Pound may trend higher if the UK Trade Balance improves. Analysts expect the deficit to narrow from -£5.3bn to -£3.4bn in October.
Current Interbank Exchange Rates
At the time of writing the AUD/GBP exchange rate was trending around 0.59 and the GBP/AUD exchange rate was trending around 1.69