ENM: Exchange rates British Pound vs Australian and NZ Dollars
In morning trade in London the Pound Australian Dollar exchange rate and the Pound New Zealand Dollar exchange rate are both lower.
The GBPAUD is lower 0.487% lower with 1 GBP = 1.6484 AUD.
The GBPNZD is lower 0.256% with 1 GBP = 2.1450 NZD.
Foreign exchange brokers Caxton fx have the following to say on how the British Pound is faring against the antipodean currencies:
Pound Australian Dollar exchange rate
Having lifted itself off record lows last week, the pound slid sharply against the aussie yesterday, down a further cent in the wake of developments in Australia.
The Australian Dollar received a boost as sentiment improved following an announcement that Royal Dutch Shell and PetroChina are bidding more than $3billion for Australia's Arrow Energy.
In technical analysis, a break above 0.911 against the USD also helped the aussie extend gains in later trade.
Prospects that China will allow its currency to appreciate again as the global financial crisis eases had little impact on foreign trading in the major currency pairs.
The price is continuing to move lower this morning as strong data from Australia fuelled expectations that interest rates would rise again in the next month or two.
At the point of writing the pound is down 0.6% on the day with the price some way below 1.65.
Pound New Zealand Dollar exchange rate
Sterling fell sharply against the New Zealand Dollar yesterday, losing 1.0% as bearish sentiment again turned on the UK currency.
With the lack of data the markets returned to sterling selling in favour of the higher-yielding kiwi dollar.
Even as broader risk appetite lost traction, the kiwi was still able to post strong gains with some encouraging local data casting hopes about the path of NZ interest rates.
It is not currently looking likely that the RBNZ will raise rates tomorrow, but the accompanying statement may give the kiwi further upside going into the end of the week.
Currently sterling is down 0.3%, with the price now hovering above 2.14.
Thank you to the research team at Caxton FX for the morning foreign exchange report.
