{"id":101080,"date":"2020-06-11T13:04:55","date_gmt":"2020-06-11T17:04:55","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=101080"},"modified":"2020-06-11T13:04:55","modified_gmt":"2020-06-11T17:04:55","slug":"103398-gbp-aud-aussie-turns-lower-with-concerns-over-second-virus-wave-in-us","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103398-gbp-aud-aussie-turns-lower-with-concerns-over-second-virus-wave-in-us\/","title":{"rendered":"GBP\/AUD: Aussie turns lower with concerns over second virus wave in US"},"content":{"rendered":"<p>The British pound is higher against the Australian dollar on Thursday.<\/p>\n<ul>\n<li>Sharp declines in global stocks after Federal Reserve meeting<\/li>\n<li>China urges Australia to take a \u2018hard look\u2019 at problems<\/li>\n<li>Fears of second wave of virus infection in US<\/li>\n<li>Pound-Aussie exchange rate is +0.90% this week<\/li>\n<\/ul>\n<p>GBP\/AUD was up by 140 pips (+0.77%) to 1.8350 as of 4pm GMT.<\/p>\n<p>The currency pair put in an early low at 1.815 and rallied over 200 pips to highs of the day just above 1.835. Yesterday the exchange rate fell -0.39%.<\/p>\n<h2>GBP: Pound bolstered by Aussie unwind<\/h2>\n<p>There have been some assets that have done especially well in the \u2018risk-on\u2019 or \u2018re-opening optimism\u2019 trade that has done well over the past few weeks \u2013 one of which was the Australian dollar. So as other markets like stocks dropped; the Australian dollar fell too \u2013 and more so than the British pound.<\/p>\n<p>As US stock markets looked at the possibility of the worst daily performance since April, the pound was pressured too, but just less so than the Aussie dollar. Among US stock markets, it was the Dow leading the way to the downside, falling over 1000 points.<\/p>\n<h2>AUD: Risk-on trades unwind<\/h2>\n<p>The major economic data release of the day was US jobless claims. Initial jobless claims were in line with expectations at 1,542,000 vs. 1,550,000 estimated. If there was a source of disappointment in the data it came from \u2018continuing claims\u2019 \u2013 that\u2019s the number of people still claiming benefits \u2013 which at \u00a020,929,000 came in higher than the 20,000,000 estimate.<\/p>\n<p>Added to the fears generated by yesterday\u2019s Fed meeting was the fear that protests in the United States increase risk of second wave of infections. There is some evidence that certain hotspots are trending in the wrong direction. For example, Texas reported its highest one-day count of new coronavirus cases at 2,504 cases and Florida reported 8,553 new cases on the week, its highest so far.<\/p>\n<p>Deteriorating relations between Australia and China have been coming into focus. On Thursday China said it \u201curges Australia to take a hard look at the current problems\u201d in reference to the apparent mistreatment of Asians during the pandemic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British pound is higher against the Australian dollar on Thursday. Sharp declines in global stocks after Federal Reserve meeting China urges Australia to take a \u2018hard look\u2019 at problems Fears of second wave of virus infection in US Pound-Aussie exchange rate is +0.90% this week GBP\/AUD was up by 140 pips (+0.77%) to 1.8350 [&hellip;]<\/p>\n","protected":false},"author":163946608,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[1603,1438,1860,1536,1391,2859],"class_list":{"0":"post-101080","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-aud","7":"category-gbp","8":"tag-aussie","9":"tag-federal-reserve","10":"tag-gbp-aud","11":"tag-jobless-claims","12":"tag-pound","13":"tag-virus-second-wave"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>GBP\/AUD: Aussie turns lower with concerns over second virus wave in US - 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