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

  • COVID-19 surge in Victoria continues – 75 new cases
  • China has approved a new vaccine for military use
  • New round of post Brexit trade talks begin
  • Pound-Australian dollar exchange rate fell -0.61% last week

GBP/AUD was down by 58 pips (-0.31%) to 1.7919 as of 4pm GMT.

The currency pair tested 1.80 in early trading but quickly tumbled back to 1.79 before stabilising lower on the day. The exchange rate has now fallen eight of the past nine weeks.

GBP: Johnson: “We have seen a big fall in GDP”

Brexit concerns dragged on Sterling again as UK negotiators headed over to Brussels what has been dubbed a new ‘intense’ round of talks. The hope is that these talks can draw a new outline in which both sides can agree- setting up more detailed discussions in July through September.

Although the cases in the United Kingdom remain much higher than in Australia, the trajectory has shifted slightly in the past few days. The UK is on course to reopen pubs on July 4th, while the Australian state of Victoria experienced 75 new cases in the last 24 hours, up from zero a week ago.

UK Prime Minister Boris Johnson made some remarks about the difficult state of the UK economy, saying “We cannot just step back on the economy now.” Adding; “We have seen a big fall in GDP” and that “Everybody must go back to schools in September.”

AUD: China approves a coronavirus vaccine for military

The approval of a new vaccine for COVID-19 called ‘AD5-nCoV’ for military use in China offered some hope that a vaccine is getting closer, helping a turnaround in ‘risk trades’ including the Australian dollar. The new vaccine would not be available to the general public until further government approval.

The Australian dollar held up against the pound but looked soft against havens like the dollar after having its 4th worst day for rising cases since the beginning of the pandemic and the highest number of new cases since April 10. 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.