The British pound is higher against the Australian dollar on Wednesday.

  • Investors tuning into testimony from Apple, Amazon, Alphabet, Facebook CEOs
  • FX volatility dropped in run up to Federal Reserve Meeting
  • Virus cases in China reach highest since April
  • Hong Kong’s Carrie Lam says on verge of ‘large scale’ outbreak

GBP/AUD was down by 22 pips (-0.11%) to 1.8894 as of 4pm GMT. This week the pound is up +0.50% over the Australian dollar.

The currency pair saw a midday dip below 1.805 but eventually fired back up to 1.81 for a new 2-week high. Yesterday it gained 0.27%.

GBP: Fifth daily gain for Sterling

Sterling continues to trudge higher against the Aussie, on course for its 5th successive daily gain.

Market attention was mostly fixated on the afternoon testimony of Big Tech CEOs in an antitrust hearing being held by Congress, as well as the Fed rate decision.

Economic data has been ticking higher in the United Kingdom, which opened up its economy a lot later than Australia, which is still experiencing its second wave in the state of Victoria. 40,000 new UK June mortgage approvals beat expectations of 35,000 according to the BOE stats released Wednesday. New home and car sales have been booming as the economy re-opened with housing getting government support in the form of a stamp duty holiday until the end of the year.

AUD: Rising virus cases in China

Rising virus cases in Hong Kong and in the Mainland are putting China’s economic revival at risk. Yesterday Fitch predicted China would grow by 2% this year but that will not be possible if there is a severe second wave. 64 new locally transmitted cases were reported on Tuesday, 57 from the Chinese region of Xinjiang.

There is lower than average volumes ahead of the FOMC meeting. The dollar is mostly trending lower while FX cross rates are trading sideways. Both the Australian dollar and the British pound have been gaining over the US dollar with GBP/USD at 1.30, the AUD/USD near 0.72- but the pound has the edge. 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.