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Australian Dollar to Pound Exchange Rate (AUD/GBP) - 'Aussie' Down by 1% as Market Awaits Jobs Data

August 7, 2013 - Written by John Cameron

The Australian Dollar to Pound exchange rate (AUD/GBP) has tumbled by 1% following the Bank of England’s latest inflation report and is set to remain weaker ahead of Thursday’s Australian jobs data release which economists expect will show that unemployment increased in July.

The Pound to Australian Dollar exchange rate is currently trading up 1.16% at 1.72721 GBP/AUD. The Ausralian Dollar exchange rate is trading at 0.57903 AUD/GBP.

The unemployment rate is expected to have risen to 5.8% in July, up from the 5.7% recorded in June. The rise is being blamed on the slowdown of the Australian mining boom and the continuingly high value of the Australian currency. If the data does comes in at the expected rate or worse the ‘Aussie’ is likely to tumble further against the majority o its peers. The 5.8% would be the highest unemployment rate since 2009.

Wednesday’s Aussie decline follows yesterday’s gains when he Reserve Bank of Australia cut interest rates.

“The Aussie seemed to get a new lease of life after the RBA statement on Tuesday with the Central Bank appearing to be in no rush to cut again soon, Should we see stronger than expected domestic employment data on Thursday, this could see the Australian Dollar reclaim further ground. In addition, upcoming Chinese data on Friday will likely have a significant influence” said CMC Markets senior trader Tim Waterer.

The ‘Aussie’ fell from its strongest level in a month against the US Dollar as Asian stocks fell, reducing the demand for higher yielding assets. The currency was also weighed upon by comments made by Reserve Bank of Australian board member who said that the ‘Aussie’ is still too high.

The unemployment data will be released at 2.30am GMT.

Other Australian Dollar exchange rates to note:

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Australian Dollar exchange rate to Canadian Dollar exchange rate is trading up 0.5% at 0.93692 AUD/CAD.
Australian Dollar to New Zealand Dollar exchange rate is trading down 0.85% at 1.12825 AUD/NZD.
Australian Dollar to Japanese Yen exhange rate is trading down 0.73% at 86.83257 AUD/JPY.

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