China Data Sends Pound to Australian Dollar & Pound to New Zealand Dollar Money Exchange Rates Down

Modified: Monday, 3 March 2014 18:14 BST - Written by Ben Hughes

STORY LINK China Data Sends Pound to Australian Dollar & Pound to New Zealand Dollar Money Exchange Rates Down

The crisis in Crimea, which has seen Russian troops effectively annexe the southern part of Ukraine, has had a marked effect on risk sentiment in the global markets during early trading this week. The pronounced flight to safety which has followed developments in the eastern edge of Europe has seen stock markets tumble; by the middle part of the European trading session, the Dax index in Frankfurt had shed almost 3% of its value, while London’s FTSE 100 was trading down by just over 1.5%. Meanwhile, the VIX index, which measures fear levels amongst equities traders in the States, has showed a daily increase of over 10% - it largest daily gain since the final week of January. Clearly, investors are unsettled.

Up until this point, the news from the Ukraine has failed to elicit any major move in the currency markets – the Pound US Dollar exchange rate has remained in the 1.6700s throughout the majority of today’s trading GBP/USD. Meanwhile, the Pound Australian Dollar and Pound New Zealand Dollar exchange rates (GBP/AUD and GBP NZD) have edged only slightly higher, up to this point. However, with nervousness growing amongst market participants, a shift lower for GBP/USD could be sparked at a moment’s notice. Such a move would be likely to be accompanied by a concurrent move northwards for the GBP/AUD and GBP/NZD exchange rates.

Some of the reason why the Australian and New Zealand Dollars have retained most of their value against the Pound on the day has been Non-Manufacturing sector figures, published in China overnight, which suggested that the combined services sector of the world’s second largest economy expanded at a faster pace last month than they had done during January. While China’s economy keeps going, the Antipodean Dollars are likely to remain relatively resistant to any moderately bad news from the Ukraine.

Relevant Spot Exchange Rates When Sending Money to Australia / New Zealand - Updated: 18:00 GMT 03/0314

The Pound Sterling to Australian Dollar exchange rate is trading down -0.7% at 1.86661 GBP/AUD.
The Pound Sterling to New Zealand Dollar exchange rate is trading down -0.47% at 1.99213 GBP/NZD.
The Euro to Australian Dollar exchange rate is trading down -0.59% at 1.53806 EUR/AUD.
The Euro to New Zealand Dollar exchange rate is trading down -0.36% at 1.64149 EUR/NZD.
The US Dollar to Australian Dollar exchange rate is trading down -0.3% at 1.11985 USD/AUD.
The US Dollar to New Zealand Dollar exchange rate is trading down -0.07% at 1.19516 USD/NZD.
The Canadian Dollar to Australian Dollar exchange rate is trading down -0.62% at 1.00901 CAD/AUD.
The Canadian Dollar to New Zealand Dollar exchange rate is trading down -0.39% at 1.07686 CAD/NZD.

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