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Australian Dollar to Pound Rate Hits 2-Week High, on AU Trade Surplus

Market CommentaryAustralian Dollar to Pound Rate Hits 2-Week High, on AU Trade Surplus
Australian Dollar to Pound Rate Hits 2-Week High, on AU Trade Surplus
Image credit: Public Domain Pictures.

Welcome to Pure FX's latest update of the Australian dollar to pound interbank exchange rate!

The Australian dollar to pound interbank exchange rate rises! The Aussie has touched 0.5571 against sterling today, its highest in 2 weeks, or since January 21st.

By contrast, back on January 25th, the AU dollar was at just 0.5403 against the pound. So it's since risen by over +1.5 cents, or +3.1%!

To put this into context for you, at today's interbank exchange rate, AU$250,000 would be worth £139,275. That’s +£4,200 more than on January 25th!

So if you're an Australian business owner importing UK goods for your firm, this may help you to exchange Australian dollars to pounds.

Australian Dollar vs Pound Rate Rises, as AU Trade Surplus Balloons

The Australian dollar has touched this 2-week high versus the pound, because Australia's trade surplus has rocketed, says new official data.

Australia's trade surplus reached +AU$3,681m in December, according to the Australian Bureau of Statistics (ABS) on Monday.

This is far above financial market forecasts for AU$2,300m, and Australia's 2nd-highest trade surplus on record.

In particular, Australia's trade surplus has been bolstered by high prices for major Australian exports like coal and iron, as well as falling imports. So this has lifted the Australian dollar vs the pound!

AUD to GBP Rate Strengthens, as UK Construction Slows

Moreover, the Australian dollar has also strengthened against the pound, as the UK's construction sector slowed down in January, according to closely-watched statistics on Monday.

UK construction activity eased to just 50.6 last month, said economics watchdog IHS Markit yesterday. This is below financial market forecasts for 52.6, and close to the 50.0 figure that signals stagnation.

In particular, construction firms cited Brexit uncertainty for the slowdown in work, and hired new staff at the slowest pace since July 2016.

Thus, this has also boosted the Australian dollar vs sterling!

Aussie Dollar vs Sterling Rises, as EU Unlikely to Renegotiate Brexit

What's more, the Australian dollar to pound interbank exchange rate has also reached this 2-week high, because it's thought unlikely that the EU will renegotiate its draft Brexit deal.

Yesterday, MP Stephen Crabb, who sits on the UK Parliament's Brexit committee, tweeted that there's "real exasperation and frustration" in the EU, and "near zero appetite" to reopen the deal.

What's more, UK business secretary Greg Clark added that a "No Deal" Brexit would be "ruinous".

There’s less than 2 months to go before the UK is set to exit the EU, so this has strengthened the AUD to GBP rate!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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