Exchange Rates

A look at the latest inter-day exchange rates shows:

The pound sterling to Australian dollar exchange rate is 0.08 pct higher on a daily basis at 1.6809.
The pound sterling to New Zealand dollar exchange rate is 0.33 pct lower at 1.9226.

NB: Please be aware that the above are spot market quotes to which your bank will affix their own discretionary spread. Please note, an independent FX provider will guarantee to undercut your bank's offer, thus delivering more currency. Please learn more here.

Driving the GBP/AUD at present is the headline AUD/USD rate which is currently on the offensive.

Ipek Ozkardeskaya at Swissquote Bank says:

"In Australia, AUDUSD consolidated gains above 0.9500 and rallied to 0.9543 early in Sydney lifted by optimism on US budget deal.

"Offers remain solid at 0.9550/75 capping the trend momentum picking on the upside. The 14-day RSI (68%) approaches the overbought area. While some expect a US resolution to boost the rally in AUD, it may also end up in a buy-the-rumor&sell-the-fact situation. AUD is sold versus NZD, with solid support still seen at 1.1300."

Sasha Nugent at Caxton FX says it will be difficult for sterling to direct the GBP/AUD rate today:

"Positivity reigned supreme during yesterday’s trading and despite some demand for sterling, aussie strength took precedence and forced the GBP/AUD rate lower. UK employment data and confusion about the US should give the pound more momentum during trading today.

"It will be difficult for sterling to direct the rate today, but we expect the currency to put up a fight although negotiations over the debt ceiling will dictate trading once again."

With regards to the pound / New Zealand dollar Nugent says:

"It was a struggle for the pound to remain above 1.91 and the struggle continues as sterling is now battling to push back up to 1.90. UK data should put more drive behind the pound, however we don’t see the uphill battle easing anytime soon.

"Stronger inflation figures from New Zealand didn’t do sterling any favours either and claimant count has produced some very strong numbers to keep the pound competitive."