The AUD to GBP interbank exchange rate is today ranging between 0.4891 and 0.4935. More recently anything below 0.50 has represented the weaker side for changing Australian dollars to pounds, and anything above 0.5 has stronger side for changing Australian dollars to pounds.
Stricker Lockdown for UK?
Over the weekend the UK Government has warned that if the public do not abide by the lockdown and social distancing rules, they will have to enforce a stricter lockdown. Latest numbers show the UK has over 47,000 infected cases and a death toll of just over 4,900. Matt Hancock, the Health Secretary, said that the government could take further action and restrict the public’s freedom to exercise outdoors.
Recent data sets being released from the UK are now showing the UK economy is starting show signs of a slowdown as a result of the Coronavirus. The IHS Markit UK Purchasing Managers Index (PMI) for the services sector showed activity had fallen to 34.5 versus an expected 34.8. A figure above 50 indicates expansion and below 50 indicates a contraction. This reflects the global stance that economic activity globally has slowed down.
In terms of political news this weekend, Sir Keir Starmer was announced as Labour’s new leader and Prime Minister Boris Johnson was admitted to hospital over the weekend, for further testing as his symptoms of Covid-19 persist.
Lower Cases of Covid-19 in Australia
Australia still has a relatively low number of reported cases of just over 5,700 compared to the UK of just over 47,000. If the lower number can be sustained, then that might help gain support for the Australian dollar currency and we could see the AUD to GBP forecast increase.
This morning UK Construction data released came in weaker than expected at 39.3 against a forecast 52.6. This morning Australian Melbourne Institution inflation gauge came in at 0.2% against a forecast -0.1%.
The lower of number of cases could see the AUDGBP forecast come in better as the Australian currency is less affected by the virus than the UK as this will have less of a strain on the Australian economy and health service. Ships that off the coasts of Australia are still not being accepted, and are being asked to return to the countries that they are registered to.
For more information on AUD or GBP exchange rates for an upcoming currency transfer, you can contact myself, Brett Goulty, using the form below.