GBP/AUD trades flat early on Friday, showing no change as of 05:20 AM UTC. Currently, one British pound buys 1.8767 Australian dollars.

Yesterday, the pound strengthened after the pair faced opposition from the support level at 1.8650. AUD weakened after China, Australia’s largest trading partner, released disappointing data on manufacturing purchasing managers’ index (PMI). Nevertheless, private media group Caixin just reported its own estimate of factoring activity, showing better than expected results.

Australia’s Manufacturing Growth Slows in October

Shortly after China released official PMI data, Australian Industry Group (AIG) published a report on the manufacturing index as well. As per AIG, factory activity in Australia declined to 51.6 in October (seasonally adjusted), down 3.1 points from September. The Aussie continued its decline against the GBP after the news came out.

Any figures above 50 points suggest expansion, with higher results reflecting stronger expansion during a given month. Thus, the latest results point to much slower growth in the manufacturing sector. Three of the six sub-sectors saw contraction, including metal products, TCF, paper & printing, and building materials, woods, furniture & other.

The modest expansion for the month was driven by continued growth in food and beverage manufacturing. Elsewhere, production, employment and capacity levels were also high for this sector, with many companies handling “earlier than usual” Christmas orders.

When discussing manufacturing activity, the AIG said:

“Five of the seven activity indices in the Australian PMI indicated expanding conditions and two indicated contraction in October. The exports index rose back into expansion, with some respondents noting increased demand from the USA in October. The new orders index fell sharply into contraction in October which suggests more difficult conditions for manufacturers in the coming months.”



UK PM Frustrated with Delay

In the UK, there is no relevant Brexit news to move markets, as the British citizens await the general election on December 12.

Yesterday, Prime Minister Boris Johnson voiced his frustration that Brexit wasn’t happening. Previously, he promised to take the UK out of the bloc on October 31. After failing to secure the parliament’s approval for his deal, European leaders granted an extension until January 31.

“I am, of course, incredibly frustrated that we are not able to get Brexit done today,” the PM said. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views