{"id":102363,"date":"2020-07-27T04:28:30","date_gmt":"2020-07-27T08:28:30","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=102363"},"modified":"2020-07-27T04:28:30","modified_gmt":"2020-07-27T08:28:30","slug":"103700-gbp-aud-aussie-gains-after-strong-chinese-factory-profit-data","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103700-gbp-aud-aussie-gains-after-strong-chinese-factory-profit-data\/","title":{"rendered":"GBP\/AUD: Aussie Gains After Strong Chinese Factory Profit Data"},"content":{"rendered":"<ul>\n<li><strong>The China proxy, the Australian Dollar (AUD) strengthened after profits at industrial firms in China jumped for a second straight month<\/strong><\/li>\n<li><strong>US \u2013 Chinese tensions weigh on sentiment amid consulate closeures<\/strong><\/li>\n<li><strong>Pound (GBP) supported by strong UK data at the end of last week<\/strong><\/li>\n<li><strong>Brexit concerns linger dragging on sterling<\/strong><\/li>\n<\/ul>\n<p>The Pound Australian Dollar (GBP\/AUD) exchange rate is heading lower at the start of the new week, paring 0.2% gains from the previous week. The pair settled on Friday at 1.8007. At 08:15 UUTC, GBP\/AUD trades -0.1% at 1.7987.<\/p>\n<p>The Australian Dollar, which is also known as a China proxy is finding support following strong Chinese factory profits data. According to the Chinese statistics bureau, profits at industrial firms in China surged 11.5% in June compared to a year earlier. This was the fastest pace of growth in over a year, adding to evidence that the country\u2019s economic recovery is gathering pace after the coronavirus crisis.<\/p>\n<p>The upbeat data is the second straight month of profits at Chinese factories, after recording a record slump earlier in the year.<\/p>\n<p>Whilst Chinese data supported Aussie Dollar rising US \u2013 Chinese political tensions are keeping any gains in check. China closed the US consulate in Chengdu after Trump closed the Chinese consulate in Houston as distrust soars.<\/p>\n<p>Australian domestic data is in short supply at the start of the week, with investors looking ahead to the latest inflation print. Analysts are expecting to see a significant drop of 2%, which would mark the largest decline in inflation since records began in 1947.<\/p>\n<p>The Pound is trading mixed versus its major peers on Monday. Whilst falling coronavirus numbers and upbeat data at the end of last week are supporting sterling, Brexit uncertainties continue to drag on the currency.<\/p>\n<p>UK retail sales surged 13.9% in June well ahead of the 8% expected and adding to a 12% surge in May. UK PMI data for the manufacturing and dominant service sector also surprised to the upside boosting optimism surrounding the UK\u2019s economic recovery.<\/p>\n<p>However, the Pound is still at the mercy of Brexit headlines, which suggest that little to no progress was made in the latest round of Brexit talks. The lack of progress raises the prospect that the UK will leave the transition period in December on unfavourable World Trade Organisation trade rules.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The China proxy, the Australian Dollar (AUD) strengthened after profits at industrial firms in China jumped for a second straight month US \u2013 Chinese tensions weigh on sentiment amid consulate closeures Pound (GBP) supported by strong UK data at the end of last week Brexit concerns linger dragging on sterling The Pound Australian Dollar (GBP\/AUD) [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":3769,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[1540,1541,1386,2799,1394,1391,1430],"class_list":{"0":"post-102363","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-aud","8":"category-gbp","9":"tag-aud","10":"tag-australian-dollar","11":"tag-brexit","12":"tag-chinese-factory-profits","13":"tag-gbp","14":"tag-pound","15":"tag-retail-sales"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - 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