Today?s British Pound to 'Aussie' (GBP/AUD) FX News: Exchange Rates Fluctuate on Greek Default Concerns

June 29, 2015 - Written by John Cameron

STORY LINK Today?s British Pound to 'Aussie' (GBP/AUD) FX News: Exchange Rates Fluctuate on Greek Default Concerns

Pound Sterling to Australian Dollar Exchange Rate Moves Away from Recent Highs

Profit taking and dovish interest rate comments from a Bank of England official saw the GBP/AUD exchange rate move away from its 71-month high on Monday. However, Sterling clawed back losses after the UK GfK Consumer Confidence Index increased by considerably more than expected in June, rising from 1 to 7.

Earlier...

GBP/AUD Sheds 0.4% after Hitting Best Exchange Rate for 71-Months

During the Australasian session the Pound Sterling to Australian Dollar (GBP/AUD), US Dollar to Australian Dollar (USD/AUD) and Euro to Australian Dollar (EUR/AUD) exchange rates gained as the South Pacific currency broadly softened in reaction to the latest Greek developments. The nation had to close banks and impose capital controls after the European Central Bank refused to raise its funding limited ahead of tomorrow’s debt repayment to the International Monetary Fund. With many industry experts now envisaging a Greek default taking place tomorrow, and the odds of a Grexit rising accordingly, demand for higher-risk currencies has fallen.

As stated by currency strategist Joseph Capurso; ‘There’s a lot of uncertainty as to whether Greece has the money to pay its debt on Tuesday and as usual when there’s bad news in the world the Aussie Dollar falls. That’s because the Australian economy has a current account deficit; current account deficit countries have their currency fall when there’s this type of global uncertainty.’

The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate fell to a low of 2.0420

Australian Dollar (AUD) Forex Now: Gold Prices Climb & Lend Australian Dollar Support

On Monday the commodity-driven Australian Dollar derived some support from the news that gold prices were recovering from two-week lows.

In the view of one industry expert; ‘[Gold] has recently surged higher to back above the key $1180 level where it will now try to remain above. Although still some distance away, the $1200 level remains significant and is continuing to place selling pressure on gold.’

AUD/GBP, AUD/USD, AUD/EUR Exchange Rate Forecast – Australian Manufacturing Data Ahead

The Australian Dollar to Pound Sterling, Australian Dollar to US Dollar and Australian Dollar to Euro exchange rates are all likely to fluctuate over the days ahead as Australia releases its AiG Performance of Manufacturing and AiG Performance of Services reports. These figures will show whether the Australian economic outlook is dimming (as the IMF forecast it would) and could encourage the Reserve Bank of Australia to look at cutting borrowing costs in the near future. Other Australian reports to be aware of include the nation’s trade balance and retail sales reports.

The Pound Sterling to Australian Dollar (GBP/AUD) exchange rate achieved a high of 2.0628

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