Pound Sterling to US Dollar (GBP/USD), Australian Dollar (GBP/AUD) Exchange Rate Forecast: ‘Greenback’ Drops on US Figures, ‘Aussie’ Rallies on Unemployment Decline
Pound sterling to US Dollar (GBP/USD) Exchange Rate Forecast
The Pound Sterling to US Dollar (GBP/USD) exchange rate was able to rally on US ecostats which fell below forecasts on Thursday. US Building Permits contracted by a massive -5.7% in the month of March rather than the -1.9% predicted. Additionally, Housing Starts registered only 2.0% growth in March rather than the far more favourable 15.9% forecast.
If you're looking to make an international money transfer, we recommend TorFX.
Furthermore, labour market data failed to impress when Initial Jobless Claims reached 294K in the week through April 11th while the Continuing Claims ecostat printed a little more favourably at 2268K rather than the 2323K expected.
Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate slipped on Thursday after upbeat Australian labour market data emerged. The ‘Aussie’ enjoyed support when the Australian Unemployment Rate recorded a decline from a positively revised 6.2% to 6.1% rather than the 6.3% economists had forecast.
Australian Employment Change registered a healthy 37.7K in March rather than the predicted 15.0K and the participation rate increased from an upwardly revised 64.7% to 64.8%.
The fall in joblessness may help to keep the Reserve Bank of Australia’s (RBA) interest rates at the current 2.25% rather than cutting them again.
Pound Sterling (GBP) Exchange Rate Forecast
The Pound Sterling exchange rate could be in for an extremely spicy day of trading on Friday with the release of UK Average Weekly Earnings, UK Unemployment Rate and Employment Change figures.
However, the UK general election which is expected to cause massive fluctuations in the Pound Sterling exchange rate in coming months as the prospect of a ‘messy’ outcome continues.
Next Wednesday will see the release of the Bank of England’s (BoE) meeting minutes which could offer some moderate influence to the Pound. Any hawkish tones could see the Pound Sterling exchange rate rally.
The Pound Sterling to US Dollar (GBP/USD) exchange rate is trading at 1.4912; the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is trending in the region of 1.9137.