UPDATE
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate edged higher by around 0.1% on Monday afternoon, whilst the Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate softened by around -0.2%.
The British Pound generally softened versus its major peers in response to mixed results from economic data. Additional losses can be attributed to comments from Bank of England (BoE) chief economist Andy Haldane who stated that the central bank was in no hurry to increase the benchmark interest rate.
The Australian Dollar, meanwhile, declined versus its major rivals thanks to bearish commodity prices. Slightly damp market sentiment amid speculation of a Chinese economic slowdown also weighed on demand for the South Pacific asset.
Unlike its Oceanic counterpart, the ‘Kiwi’ (NZD) strengthened versus many of its peers during Monday’s European session. This is the result of speculation that the Reserve Bank of New Zealand (RBNZ) has ended policy easing now that the ‘Kiwi’ is significantly devalued compared with the turn of the year.
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is currently trending in the region of 2.1334.
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate is currently trending in the region of 2.3493.
Previously…
Pound Sterling to Australian Dollar (GBP/AUD) Exchange Rate Forecast to Hold Steady on Iron Ore Prices
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending within a limited range on Monday morning.
As traders prepare for the British CBI trends data, due for publication later on Monday morning, the British asset softened versus many of its currency competitors. The depreciation is the result of speculation that several poor results from British data publications last week will weigh on the Bank of England (BoE) Monetary Policy Committee’s (MPC) outlook.
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate is currently trending in the region of 2.1288.
Despite improved trader risk-appetite amid optimism regarding Greece’s likelihood of securing financial aid, the ‘Aussie’ (AUD) edged lower versus many of its currency rivals. Even a comparatively subdued US Dollar and rising gold prices wasn’t enough to provoke an Australian Dollar uptrend. The depreciation is likely to be the result of last week’s significant commodity price drop with iron ore, gold, platinum and copper prices having a detrimental impact on the ‘Aussie’.
The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate was trending within the range of 2.1267 to 2.1348 during Friday’s European session.
Pound Sterling to New Zealand Dollar (GBP/NZD) Exchange Rate Forecast to Edge Lower amid Speculation that the RBNZ has Finished Policy Easing
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate declined by around -0.3% on Monday morning.
The British asset is unlikely to see any significant volatility ahead of Tuesday’s influential UK Gross Domestic Product data. Second-quarter British growth is forecast to produce mixed results with the quarterly reading expected to better first-quarter growth, but with the annual reading expected to reveal slower expansion compared to the same period of the previous year. With that being said, today’s CBI trends data has the potential to provoke Sterling changes.
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate is currently trending in the region of 2.3466.
In response to improved market sentiment amid optimism regarding Greece’s third bailout package, the ‘Kiwi’ (NZD) edged higher versus many of its currency rivals. The New Zealand Dollar held gains versus its Oceanic neighbour thanks to divergent policy outlook as the Reserve Bank of New Zealand (RBNZ) is expected to curtail rate cuts. Low dairy prices, however, have slowed ‘Kiwi’ gains.
The Pound Sterling to New Zealand Dollar (GBP/NZD) exchange rate was trending within the range of 2.3443 to 2.3610 during Monday’s European session.
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