Pound Sterling to Australian Dollar, New Zealand Dollar (GBP/AUD, GBP/NZD) Exchange Rate Forecast: Sterling Triumphs against Antipodean Pair Today
The Pound Sterling to Australian Dollar (GBP/AUD) and Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rates have both risen prodigiously today, although elsewhere Sterling (GBP) has made a clear mix of movements across the board.
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GBP/AUD, GBP/NZD Exchange Rate News: UK Referendum Plans Trigger Volley of Responses Today
Pound Sterling (GBP) has displayed a variety of results against its peers today; on the positive side, gains have been recorded of 0.8% against the Australian Dollar (GBP/AUD), 0.9% against the New Zealand Dollar (GBP/NZD), 1% against the Mexican Peso (GBP/MXN) and 2.8% against the Russian Ruble (GBP/RUB). Less supportive have been losses of -0.4% against the Euro (GBP/EUR) and the Japanese Yen (GBP/JPY) and a greater decline of -0.6% against the Romanian Leu (GBP/RON).
While the morning’s January construction PMI fell from 57.8 to 55 and put GBP on a slight decline, the greater impact was had by the publication of a draft for the UK’s Referendum conditions. The reception was as varied as could be expected – some saw the proposals as a good deal, others considered them ‘watered down’ and in some cases businesses and companies refused to comment. This silence was likely due to the fact that the precise conditions of arrangement are sure to change ahead of any actual finalisation announcement.
Australian Dollar (AUD) Softened by RBA Dovishness, New Zealand Dollar (NZD) Drops on Milk Prices
The Australian Dollar (AUD) has fared poorly today, having been put in the position earlier by a dovish Reserve Bank of Australia (RBA) statement that came after announcing that the national interest rate would remain at 2%. This represents a significant loss for the ‘Aussie’ relative to last week.
‘Aussie’ losses today have included -0.7% against the Pound Sterling (AUD/GBP) and -1% against the Euro (GBP/EUR).
The New Zealand Dollar (NZD) has been making a similarly poor performance due to the recent GlobalDairyTrade auction resulting in a -7.4% drop in dairy prices. This represents the third drop in a row for the auction.
The ‘Kiwi’ has fallen by -0.7% against the Pound Sterling (NZD/GBP) and by -1.1% against the Euro (NZD/EUR).
GBP, AUD, NZD Exchange Rate Forecast: Range of High-Impact Trinity Results Incoming
The near future will see major releases come from the UK, Australia and New Zealand; ‘Kiwi’ (NZD) data is due first in the form of the nation’s unemployment rate which is due tonight. At the time of writing, forecasts were for a rise from 6% to 6.1%.
Later on will be Australia’s AiG Performance of Service Index for January, which has no forecast assigned.
Finally, tomorrow morning will bring the UK’s Composite and Services PMIs; unfortunately for Sterling (GBP), expectations are for a decline in both fields.
Current GBP, AUD, NZD Exchange Rates
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending in the region of 2.0421, the Australian Dollar to Pound Sterling (AUD/GBP) exchange rate was trending in the region of 0.4899, the Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate was trending in the region of 2.188, the New Zealand Dollar to Pound Sterling (NZD/GBP) exchange rate was trending in the region of 0.4509, the Australian Dollar to New Zealand Dollar (AUD/NZD) exchange rate was trending in the region of 1.0867 and the New Zealand Dollar to Australian Dollar (NZD/AUD) exchange rate was trending in the region of 0.9206 today.