Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast to Trend within a Tight Range on UK Data
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is trending within a narrow range on Wednesday.
If you're looking to make an international money transfer, we recommend TorFX.
This is as a result of a fractional improvement in the UK Shop Price Index. The Australian Dollar, meanwhile, is holding steady after demand for gold dampened slightly.
The Pound Sterling to Australian Dollar exchange rate is currently trending in the region of 1.8730.
The declination was a result of UK data printing below expectations, causing the British asset to soften versus many of its major peers. The Australian Dollar, meanwhile, is generally trending higher against its most traded competitors as gold prices advance, although general declination in the commodities market has held back ‘Aussie’ (AUD) gains.
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is currently trending in the region of 1.8905.
Pound Sterling (GBP) Exchange Rate Softens on Construction Output
In the wake of British data showing a slowing in construction output, the Pound softened against most of its rivals. The Construction PMI declined beyond the median market forecast of a drop from 59.4 to 59.0, with the actual result dropping to 57.6.
David Noble, Group Chief Executive Officer at the Chartered Institute of Procurement & Supply, said; ‘The sector is still expanding with the index posting at a higher level than the longer-term average, and led primarily by residential development – but it has become a victim of its own success as it struggles to keep up with its own speed of recovery. With increases in new business, comes pressures on the availability of talented staff and a squeeze on the performance of supply chains.’
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has fallen to a low today of 1.8886.
Australian Dollar (AUD) Exchange Rate Gains on Gold Advance
With gold prices strengthening for the second consecutive day, the Australian Dollar appreciated versus most of its major peers. Gold rose amid the Greek political crisis which spurred demand for the safe-haven asset.
‘Greece probably doesn’t have the potential to cause a systemic crisis as it did a few years ago, but if you’re short gold you probably want to cover,’ Robin Bhar, an analyst at Societe Generale SA in London, said by phone. ‘It might pay to go long, on the perhaps negative sound bites coming out of Greece.’
Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast to Trend Lower
Given that there is a distinct lack of domestic data to curb the trend, the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is likely to continue trending lower on Monday. With that being said, the weekly consumer confidence data due late on Monday evening has the potential to provoke volatility for the ‘Aussie’.
The Pound Sterling to Australian Dollar exchange rate advanced to a high today of 1.9015.