{"id":102514,"date":"2020-07-28T14:29:56","date_gmt":"2020-07-28T18:29:56","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=102514"},"modified":"2020-07-28T14:31:54","modified_gmt":"2020-07-28T18:31:54","slug":"103714-gbp-aud-pound-pops-over-aussie-as-gold-silver-volatility-spikes","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103714-gbp-aud-pound-pops-over-aussie-as-gold-silver-volatility-spikes\/","title":{"rendered":"GBP\/AUD: Pound pops over Aussie as Gold &amp; Silver Volatility Spikes"},"content":{"rendered":"<p>The British pound is higher against the Australian dollar on Tuesday.<\/p>\n<ul>\n<li><strong>A jump to record high gold prices (and swift drop) spills into FX<\/strong><\/li>\n<li><strong>UK CBI survey data tops expectations<\/strong><\/li>\n<li><strong>Fitch reaffirms China A+ credit rating<\/strong><\/li>\n<li><strong>Federal Reserve interest rate decision tomorrow<\/strong><\/li>\n<\/ul>\n<p>GBP\/AUD was up by 61 pips (+0.34%) to 1.8076 as of 4pm GMT. The pound-Australian dollar exchange rate is higher by +0.41% this week.<\/p>\n<p>The currency pair finished the day near the top of a 100-pip price range between 1.798 and 1.808. Yesterday it gained by a small +0.06%.<\/p>\n<h2>GBP: Pound gains as precious metals seesaw<\/h2>\n<p>The British pound performed well in FX markets on a day that saw huge price volatility in precious metals markets. Having topped $25 per oz for the first time in 11-months, silver tanked 9% before recouping a large chunk of the losses through the day. The price of gold struck a record high before turning lower, then rebounding back into positive territory for the day.<\/p>\n<p>Sterling was on course for its 4<sup>th<\/sup> daily gain over the Aussie on Tuesday \u2013 with today\u2019s specific trigger being the better UK economic data from the Confederation of British Industry (CBI).<\/p>\n<p>July CBI retail data handily topped expectations at +4 instead of the -25 expected. The results are a positive sign that the re-opening of the economy is prompting better feeling in business about the return to a more normal level of economic activity.<\/p>\n<h2>AUD: Fitch reaffirms China rating.<\/h2>\n<p>The Australian dollar has historically had a strong correlation with the price of gold, but it has broken down ever since the trade war escalated between the US and China last year.<\/p>\n<p>There was good news for Australia\u2019s strongest trading partner China- unfortunately tense political relations limited any positive effect on the Aussie currency.<\/p>\n<p>Fitch, the US ratings agency has predicted China will grow by +2.7% this year, less than half its 2019 level of growth- but any growth is positive under current circumstances. The agency noted the country\u2019s ability to enforce \u2018quite draconian lockdown measures\u2019 if needed.<\/p>\n<p>The currency that can best weather the Fed rate decision tomorrow should fare best over the near term.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The British pound is higher against the Australian dollar on Tuesday. A jump to record high gold prices (and swift drop) spills into FX UK CBI survey data tops expectations Fitch reaffirms China A+ credit rating Federal Reserve interest rate decision tomorrow GBP\/AUD was up by 61 pips (+0.34%) to 1.8076 as of 4pm GMT. [&hellip;]<\/p>\n","protected":false},"author":163946608,"featured_media":3199,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[1399,2579,1860,2044,1391,3038],"class_list":{"0":"post-102514","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-aud","8":"category-gbp","9":"tag-china","10":"tag-fitch","11":"tag-gbp-aud","12":"tag-gold","13":"tag-pound","14":"tag-silver"},"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: Pound pops over Aussie as Gold &amp; Silver Volatility Spikes - Currency Live<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/currencylive.com\/news\/103714-gbp-aud-pound-pops-over-aussie-as-gold-silver-volatility-spikes\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jasper Lawler\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103714-gbp-aud-pound-pops-over-aussie-as-gold-silver-volatility-spikes\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103714-gbp-aud-pound-pops-over-aussie-as-gold-silver-volatility-spikes\\\/\"},\"author\":{\"name\":\"Jasper Lawler\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/7cdd4328aaa82c6c13caee5961755200\"},\"headline\":\"GBP\\\/AUD: Pound pops over Aussie as Gold &amp; 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