Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast to Remain Static on Absence of Data
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is holding within a narrow range on Monday. This is as a result of quiet trading over the Christmas period and a complete absence of economic data to drive changes. A slight Sterling declination can be attributed to negative sentiment towards UK Bankers, whereas the ‘Aussie’ (AUD) downtrend is the result of a sluggish commodities market.
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The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.9190.
Pound Sterling (GBP) Softens on Negative Sentiment towards UK Banks
Although the Bank of England’s stress test on UK banks showed that the majority would be able to cope with a sudden financial crisis, anxieties regarding the ability to safe-guard against cyber-attacks has dampened sentiment towards the institutions. Minutes from the most recent BoE policy meeting stated that banks currently regard cyber attacks as a ‘technical’ issue rather than an issue which requires ‘broad-level attention.’
‘[This is an issue], given the evolving nature of cyber threats and the key importance of cyber resilience to the continuity of financial services.’
The Pound Sterling to Australian Dollar exchange rate has fallen to a low today of 1.9122.
Australian Dollar (AUD) Exchange Rate Softens on Commodities
With commodity prices in general decline, the commodity-correlated Australian Dollar softened against many of its major peers. Of particular detriment has been continued declination in iron ore prices. ‘The outlook for rebar is grim over the winter months as supply pressure has intensified even though demand remains weak,’ analysts at Nanhua Futures said in a note.
Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast to Hold Steady
With a complete absence of domestic data to provoke changes, the Pound to Australian Dollar exchange rate is likely to continue trending within a narrow range.
The Pound Sterling to Australian Dollar exchange rate has advanced to a high today of 1.9214.