{"id":102325,"date":"2020-07-24T12:29:08","date_gmt":"2020-07-24T16:29:08","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=102325"},"modified":"2020-07-24T12:29:08","modified_gmt":"2020-07-24T16:29:08","slug":"gbp-aud-pounds-snaps-back-from-11-month-low-versus-aussie-dollar","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/gbp-aud-pounds-snaps-back-from-11-month-low-versus-aussie-dollar\/","title":{"rendered":"GBP\/AUD: Pounds snaps back from 11-month low versus Aussie dollar"},"content":{"rendered":"<p>The British pound is higher against the Australian dollar on Friday.<\/p>\n<ul>\n<li><strong>GBP\/AUD to finish week higher after touching 11-month low<\/strong><\/li>\n<li><strong>UK June retail sales, July flash services PMI top expectations<\/strong><\/li>\n<li><strong>Chin orders the closure of US consulate in Chengdu<\/strong><\/li>\n<li><strong>Broader sentiment shaken by pickup in US China tensions<\/strong><\/li>\n<\/ul>\n<p>GBP\/AUD was up by 81 pips (+0.44%) to 1.8026 as of 4pm GMT. This week the pound-Aussie exchange rate is on course to finish +0.38%.<\/p>\n<p>The currency pair traded steadily higher throughout the day, first taking out 1.79, then 1.80 later in the day. Yesterday it rose 0.66%.<\/p>\n<h2>GBP: UK retail data boosts pound<\/h2>\n<p>Having been battered down to 11-month lows against the Australian dollar this week, the British pound staged a two-day recovery to close out the week with gains.<\/p>\n<p>Escalating US-China tensions have hurt the Australian dollar but weakness in the US dollar has helped Sterling and other major currencies as well as gold, which is close to a record high.<\/p>\n<p>Better than hoped-for UK economic data and the rumoured creation of a UK infrastructure bank by the UK Treasury helped give the pound a nudge. The new bank would serve to replace the European Investment Bank after Brexit and help push forward Prime Minister Boris Johnson\u2019s \u201cLevel Up\u201d agenda.<\/p>\n<p>June UK retail sales rose +13.9%, better than the +8.3% expected. That left retail sales down just -1.6% on a year-over-year basis, rather than -5.9% expected. Additionally, the UK flash services PMI rose to 56.6 when a rise to 51.5 was expected.<\/p>\n<h2>AUD: US China diplomatic flare up<\/h2>\n<p>The Aussie dollar turned lower alongside Chinese equities, where the benchmark CSI 300 was flattened by -4.4% after a fiery speech by US Secretary of State Pompeo in which he called for an end to \u2018blind engagement\u2019 with China.<\/p>\n<p>On Friday China made a tit-for-tat response by ordering the US to close its consulate in Chengdu after the US ordered China to close its consulate in Houston. The new escalations mark a new high-point in tensions, which have been rising since the China-originated coronavirus pandemic and the new security law was passed in Hong Kong.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British pound is higher against the Australian dollar on Friday. GBP\/AUD to finish week higher after touching 11-month low UK June retail sales, July flash services PMI top expectations Chin orders the closure of US consulate in Chengdu Broader sentiment shaken by pickup in US China tensions GBP\/AUD was up by 81 pips (+0.44%) [&hellip;]<\/p>\n","protected":false},"author":163946608,"featured_media":47061,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[3024,3023,1860,3022,1840],"class_list":{"0":"post-102325","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-aud","8":"category-gbp","9":"tag-chengdu","10":"tag-china-consulate","11":"tag-gbp-aud","12":"tag-pompeo","13":"tag-uk-retail-sales"},"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: Pounds snaps back from 11-month low versus Aussie dollar - 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