Australian Dollar to Pound Exchange Rate Today: AUD/GBP Rallies on Positive China Data

August 8, 2013 - Written by David Woodsmith

STORY LINK Australian Dollar to Pound Exchange Rate Today: AUD/GBP Rallies on Positive China Data

The Australian Dollar to Pound exchange rate rallied along with the majority of its most traded peers in today’s session after the commodity based currency received a boost after Australia’s biggest trading partner, China, posted better-than-expected trade data.

The Australian Dollar to British Pound Sterling exchange rate is trading up 0.85% at 0.58596 AUD/GBP. The Pound to Australian Dollar exchange rate is at 1.70624 GBP/AUD.

Against the US Dollar the ‘Aussie’ surged to a seven-week high after Chinese imports increased. As a result the Australian currency advanced for a fourth day as traders pared their bets that the Reserve Bank of Australia will lower interest rates again in the near future.

The markets largely ignored the latest unemployment data for the Oceanic nation which showed that the number of people out of work held steady at the 5.7% mark in July despite overall employment falling by 10,200.

The data released by the Beijing based General Administration of Customs showed that Chinese imports increased by 10.9% in July compared with the previous year. Economists had been expecting a 1% rise. Exports meanwhile improved by 5.1% beating the forecasted 2%.

"Risk appetite got a boost overnight from the China trade data," said Ioan Smith, Managing Director, Knight Capital Group Europe, adding that a drop in USD/JPY helped drive EUR/USD higher.

"Follow through was limited which has kept the dollar within a tight range. The calendar is quite sparse today leaving the emphasis on short-term technical driven moves and risk assets."

The Chinese data improved risk appetite causing commodity based currencies including the Canadian Dollar, New Zealand Dollar and Rand to rise higher.

Other relevant Australian Dollar forex exchange rates at time of publish:

The Australian Dollar to Canadian Dollar exchange rate is trading up 0.73% at 0.94513 AUD/CAD.
The Australian Dollar to Swiss Franc exchange rate is trading up 1.02% at 0.83798 AUD/CHF.
The Australain Dollar to Chinese Yuan is trading up 1.31% at 5.58125 AUD/CNY.

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