gbp-british-pound-coins - GBP

The British pound is lower against the Australian dollar on Friday.

The Pound was lower on the day but held onto weekly gains as it emerged the Queen of England had recorded a video address to the nation to be released on Sunday.

The Aussie dollar picked up off weekly lows against the pound, thanks in part to a rebound in commodity prices which should support Australia’s commodity exports.

GBP/AUD was down by 40 pips (-0.20%) to 2.0404 with a daily range of 2.0337 to 2.0532 as of 5.30pm GMT.

The currency pair came just short of monthly highs on Thursday and rounded lower on Friday with a brief dip below 2.04.

British pound

Volatility in oil prices coupled with dire US economic data that caused a risk-off mood across markets saw the pound turn lower at the end of the week. The United States reported a loss of -701,000 jobs in its monthly non-farm payrolls report.

Oil prices were volatile again on Friday after the biggest daily gain on record on Thursday for the most traded futures crude contracts. The volatility, which disproportionately hits UK stock markets with the high weighting of BP and Royal Dutch Shell shares on the FTSE 100 index weighed on demand for Sterling.

UK Prime Minister Boris Johnson deciding to remain in isolation added to the downside in the pound on Friday. Johnson tweeted that he still has a fever but says he is recovering well.

Australian dollar

Australia as a big commodity-exporting nation benefitted from the improved state of affairs in global oil markets. Lower oil prices threatened to drag down the price of Australian exports of precious and industrial metals.

US President Trump tweeted late on Thursday that Russia and Saudi Arabia had agreed to slash output by as much as 10 million barrels per day, representing 10% of global supply. The open question is whether 10% even comes close to offsetting the demand destruction caused by coronavirus lockdowns. Ideally US producers also need to reduce output, however such an agreement would not be allowed under US anti-cartel rules. 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.