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GBP/AUD Forecast: Pound Australian Dollar Exchange Rate Firms after Lack of Data Limits Sterling Gains

July 2, 2021 - Written by John Cameron

The Pound to Australian Dollar (GBP/AUD) exchange rate has firmed this morning after a lack of notable data from the UK limits Sterling gains.

At the time of writing the GBP/AUD pairing are trading around the AU$1.8455 level as the global market mood continues to drive the ‘Aussie.’

Pound (GBP) Mixed on UK Lockdown Easing Hopes

The Pound has been mixed against many of its counterparts today as the UK’s reopening from coronavirus restrictions edges ever closer.

The 19th July has been dubbed ‘freedom day’ as its thought the final set of coronavirus restrictions will be eased on the date.

Saffron Cordery, deputy chief executive of NHS Providers, commented on the effect that easing restrictions could have on the NHS:

‘Trust leaders are increasingly confident that vaccines are breaking the chain between infections, serious illness and deaths. But they are understandably nervous about what a wholesale lifting of restrictions on 19 July could mean for the NHS.’

We are dealing with a fast-moving, ever-changing picture and the reality on the frontline is that even a small increase in Covid-19 admissions or emergency care pressures could affect our ability to deliver non-Covid services in a context where many staff are exhausted.’

Australian Dollar (AUD) Lacks Direction as Markets Await US Employment Data

The Australian Dollar has been limited this morning as markets await the latest non-farm payrolls figures from the US this afternoon.

More so, the Australian Dollar continues to struggle on the back of the surge in coronavirus cases across Australia.

It comes as seven Australian cities are now under lockdown measures to help battle the prevalence of the delta variant of the virus.

Australia has today announced that they will halve the number of international arrivals after the coronavirus outbreak in the country.

Queensland Premier Annastacia Palaszczuk had called for stricter rules surrounding international travel earlier in the week:

‘The person who brought the virus into Queensland was a regular traveller, not a vulnerable Australian returning home. I honestly think we need a serious discussion about ensuring that people are vaccinated coming into this country. We have got to minimise the risk. We are at a pressure cooker moment at the moment. Right across Australia.’

GBP/AUD Exchange Rate Outlook: PMI Data in Focus

Heading into next week, the latest Markit PMI figures from the UK and Australia are expected to drive movement in the GBP/AUD pairing.

The figures should give an indication into how the respective economies were performing during June.

The GBP/AUD pairing will continue to be driven by any further coronavirus developments in the coming days as Pound investors await the UK’s 19th July freedom day.

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