Pounds to Australian Dollars Exchange Rate Today - GBP EUR Holds its Ground While GBP USD Drops as Global Stock Markets Lose Ground

December 12, 2011 - Written by David Woodsmith

STORY LINK Pounds to Australian Dollars Exchange Rate Today - GBP EUR Holds its Ground While GBP USD Drops as Global Stock Markets Lose Ground

The Pound Euro exchange rate (GBP EUR) is 1.1705. The Pound Dollar exchange rate (GBP USD) is 1.5590. The Pound Australian Dollar exchange rate (GBP AUD) is 1.5365.

This week’s session commenced with the UK looking increasingly isolated from its EU partners following last week’s events in Brussels.

British Prime Minister David Cameron exercised his power of veto during last week’s discussions between the 27 EU member states which had aimed to agree amendments to the treaty which governs the single economic area. Cameron stated that his decision had been taken with the aim of protecting the UK’s interests and in particular those of the City of London. Speculation suggested that the other EU leaders present, in particular those of France and Germany, had been seeking a tax on financial transactions, which would have hit Britain’s financial services industry with disproportionate force.

Cameron will explain his decision to British members of parliament later today. However, the Prime Minister’s Deputy, Nick Clegg, who is leader of the Liberal Democrats, the junior partner in the UK’s ruling coalition, has already expressed his deep concern at Cameron’s action, stating that it was ‘not in Britain’s interest’. Divisions such as this, breeding political uncertainty, are not well liked by investors and can cause the markets to turn against a currency.

However, the Pound has held up well in early trading this week, gaining a little ground against then high-yielding AUD, NZD and ZAR as European stock markets drift downwards. Sterling has held steady against the Euro and has lost some ground against the safe-haven US Dollar on thin volumes and this situation is likely to prevail for the remainder of today’s session, unless there are further developments from the Eurozone.


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