Current Price of Pound Sterling Australian Dollar Pair
June 11, 2019 | Monday
In the foreign exchange market, the current price of Pound Sterling Australian Dollar (GBP/AUD) remained toned down. Also, the pair is currently trading at an inter-bank rate of AU$1.8218.
Then on Monday, the monthly GDP growth of UK declined 0.4% in April's data. And the fall resulted in sentiment in Sterling. In addition to that, it is the highest decline in its monthly GDP since December 2018, and it is currently on its two-month low. On the other hand, the data further showed an increase of 0.3% in the economy in the three months to April.
"GDP growth showed some weakening across the latest three months, with the economy shrinking in the month of April mainly due to a dramatic fall in car production," Rob Kent-Smith explained.
Then the Head Of GDP at the Office for National Statistics (ONS) added, "There was also a widespread of weakness across manufacturing in April, as the boost from the early completion of orders ahead of the UK's original EU departure date has faded."
Australian Dollar Contracted as Chinese Exports Dipped Meanwhile, China's depressing data dampened the Australian dollar. The currency muted against the GBP and following the unpleasant data.
However, exports of China surprisingly surged in May despite the tariff hike that Washington imposed. Also, analysts think Chinese exporters felt the pressure of the new tariffs and made the shipments as early as possible.
On the other hand, imports dropped by 2.5%, which is a sign of another weak domestic demand. Looking forward to Tuesday's session, the Australian Dollar (AUD) might surpass the Pound (GBP) after the National Australia Bank released its business confidence.
he possible increase in business confidence can lead to a higher Australian Dollar. Elsewhere, Sterling may rise higher following the release of UK average earnings in April. The current price of Pound Sterling Australian Dollar pair may surge if UK average earnings boosted.
Loving what you've read now and want to have more news similar to this? Send your contact details here. Need to advertise your business? Connect with us now, and we'll be glad to help.