GBP AUD & GBP NZD Exchange Rates Drop While GBP USD & GBP CHF Rates Climb

Modified: Monday, 2 September 2013 16:26 BST - Written by Minesh Chaudhari

STORY LINK GBP AUD & GBP NZD Exchange Rates Drop While GBP USD & GBP CHF Rates Climb

Today’s ‘risk on’ trading environment has sent the GBP AUD and GBP NZD rates lower. Meanwhile, the safe-haven Swiss Franc and US Dollar have lost ground so far on the session.

The Pound Australian Dollar exchange rate (GBP/AUD) is currently trading down by 0.56% at 1.7322 GBP/AUD. The Australian Dollar Pound exchange rate is currently trading at 0.5773 AUD/GBP.

Risk has been back on the menu for investors during today’s session following the publication of a strong set of manufacturing sector data in China overnight. The latest Purchasing Manger Index survey revealed that activity levels in this key sector of the world’s second largest economy are currently at their highest level since the first half of last year. The news has favoured the high-yielding commodity-driven currencies so far today, causing the Pound Australian Dollar (GBP/AUD) and Pound New Zealand Dollar (GBP/NZD) exchange rates to tumble to as low as 1.7275 and 1.9870 respectively.

The generalised ‘risk on’ trading environment has been augmented by a pronounced forward move in the European share price of one of the region’s most widely-traded individual equities; Vodafone’s equities price (LON:VOD) was trading up by over 4% on the day on London’s FTSE 100 earlier, having registered an even larger gain on Friday. The forward move in the value of one of the world’s leading telecoms providers was triggered by an increased likelihood that the mobile phone behemoth will be concluding a the sale of its 45% share in Verizon Wireless (VZ: NYSE) within days for a record amount of £84bn. Vodafone is such a widely-traded share that its gains have dragged London’s FTSE 100 single handedly higher; by the middle part of today’s session, the UK’s benchmark equities exchange had registered gains of 1.75% on the day. Europe’s bourses followed suit, with Frankfurt’s Dax trading up by a healthy 1.86% a short time ago.

Elsewhere, while the high-yielding currencies recorded good gains, the safe-haven US Dollar and Swiss Franc lost their way a little, sending the GBP USD and GBP CHF rates up to 1.5577 and 1.4532 respectively.

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