Pound To Australian Dollar (GBP/AUD) Exchange Rate Rangebound As Aussie Retail Sales Rise In November
GBP/AUD Exchange Rate Steady as Risk Sentiment Slides on New Covid-19 Strain Fears
The Pound to Australian Dollar (GBP/AUD) exchange rate held steady today, with the pairing currently trading around AU$1.77.
The Australian Dollar (AUD) stabilised today following the release of the flash Australian Retail Sales data for November, which rose by 7% as Black Friday and Victoria’s reopening increased sales.
Ben James, director of Quarterly Economy Wide Survey at ABS, commented on the data:
‘Victoria saw a large rise, up 21%, as retail stores experienced a full month of trade following the easing of coronavirus restrictions in that state. Excluding Victoria, retail sales rose 2.7%.’
Strong Consensus View For 2021 Euro-Dollar Rate Gains But Nordea Issue A Warning exchangerates.org.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from exchangerates.org.uk Daily Mail and Mail on Sunday newspapers.
GBP/USD
During the week of 14th December, the upbeat rhetoric from European officials, regarding the Brexit trade deal reassured pound bulls. Among others, the chief EU negotiator Michael Barnier said on Thursday, 17th December, that the deal was possible by Friday. Despite some remaining warnings, the market reacted to that with a big increase in GBP/USD buying volumes. It will be even fair to say that it largely ignored economic data since cable was rising amid Wednesday’s downbeat U.K.’s November CPI and falling amid Friday’s largely upbeat U.K.’s November retail sales.
However, this opening headlines on the week of 21st December hurt the pound badly. The new COVID-19 virulent virus strain has led to growing panic moods in London. On top of that, the EU and U.K. negotiating teams remain at loggerheads on key Brexit trade deal issues, including fishing quotas. And Scotland’s First Minister Nicola Sturgeon has already urged Boris Johnson to plead another Brexit transiti
GBP/USD Exchange Rate Falls as Brexit Fears and New Covid-19 Strain Darkens UK Economic Outlook
The Pound to US Dollar (GBP/USD) exchange rate plummets by -2% today after France banned UK transport and hauliers following news of a new mutation of Covid-19 in the south-east of Britain.
British Transport Secretary, Grant Shapps, said that there will be ‘significant disruption’ at Dover, sparking concerns for the UK economy.
Paul Donovan, the chief economist at UBS Global Wealth Management, commented:
‘The near-term economic effects of this are, perhaps, limited - inventories tend to be high at this time of the year, and the UK has imposed more restrictions on activity. However, this does signal a relatively high degree of fear, and it is fear of the virus that does the most economic damage.’
Pound Sterling Falls 1% Against Dollar And Euro As New Variant Coronavirus Restrictions Amplify Trade Chaos And Brexit Fears exchangerates.org.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from exchangerates.org.uk Daily Mail and Mail on Sunday newspapers.