{"id":102801,"date":"2020-08-05T04:23:09","date_gmt":"2020-08-05T08:23:09","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=102801"},"modified":"2020-08-05T06:04:23","modified_gmt":"2020-08-05T10:04:23","slug":"103769-gbp-aud-aussie-rallies-as-gold-hit-all-time-high","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103769-gbp-aud-aussie-rallies-as-gold-hit-all-time-high\/","title":{"rendered":"GBP\/AUD: Aussie Rallies As Gold Hit All Time High"},"content":{"rendered":"<ul>\n<li><strong>Rising commodity prices, such as gold and iron ore are supporting the commodity linked Australian Dollar (AUD)<\/strong><\/li>\n<li><strong>Rising covid cases in Victoria and Australia\u2019s AAA rating on negative watch by S&amp;P rating agency caps gains<\/strong><\/li>\n<li><strong>Pound (GBP) trades broadly higher versus majors ahead of service sector PMI<\/strong><\/li>\n<li><strong>Data could start to falter as government starts to withdraw support from furlough scheme<\/strong><\/li>\n<\/ul>\n<p>The Pound Australian Dollar (GBP\/AUD) exchange rate is extending losses for a second consecutive session on Wednesday. The pair settled -0.55% lower on Tuesday at 1.8253. At 08:00 UTC, GBP\/AUD trades -0.15% at 1.8220.<\/p>\n<p>The Australian Dollar, a commodity currency, is finding support from higher iron prices and surging gold prices. A pledge by the Reserve Bank of Australia to buy $500 million in bond purchases to support the economy has also added to the upbeat tone.<\/p>\n<p>The price of gold has soared to an all time high of US$2030.85 per ounce. Australia is the third biggest gold producer globally therefore the sky-high gold price is supportive of the Australian economy and Aussie Dollar. Iron ore, Australia\u2019s largest export is also on the rise boosting the currency.<\/p>\n<p>Meanwhile coronavirus concerns in Victoria are capping gains. The number of coronavirus cases in the state of Victoria increased by a daily record of 725 cases, raising concerns that the lockdown in Melbourne could be widened or tightened.<\/p>\n<p>The international rating agency S&amp;P Global have also put Australia\u2019s AAA credit rating on negative watch, which could boost the case of Aussie Dollar bears.<\/p>\n<p>The Pound is trading broadly higher versus its major peers as data continues to show the economic recovery in the UK remains on track.<\/p>\n<p>Car sales increased 11% in July compared to last year in the first full month that car showrooms and dealerships were open since lockdown measures eased. This was also the first rise in car sales since December last year showing the demand was picking up. However, year to date demand remains down 40% on the year.<\/p>\n<p>Attention will now turn to UK service sector purchasing mangers index data. Analysts are expecting the figures to confirm solid expansion with 56.6 on the index. The level 50 separates expansion from contraction.<\/p>\n<p>Whilst data so far is showing the UK economic recovery to be on track this could change soon as the government starts to \u00a0withdraw support from the job retention scheme.<\/p>\n<div class=\"su-box su-box-style-default\" id=\"\" style=\"border-color:#000061;border-radius:3px;max-width:none\"><div class=\"su-box-title\" style=\"background-color:#071894;color:#FFFFFF;border-top-left-radius:1px;border-top-right-radius:1px\">GBP Index Today - last 90 days<\/div><div class=\"su-box-content su-u-clearfix su-u-trim\" style=\"border-bottom-left-radius:1px;border-bottom-right-radius:1px\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/7a29d0358cfca13b7e11e925e55945b9.png\" alt=\"\" width=\"800\" height=\"348\" class=\"aligncenter size-full wp-image-102810\" srcset=\"https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/7a29d0358cfca13b7e11e925e55945b9.png 800w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/7a29d0358cfca13b7e11e925e55945b9-300x131.png 300w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/7a29d0358cfca13b7e11e925e55945b9-768x334.png 768w, https:\/\/currencylive.com\/news\/wp-content\/uploads\/2020\/08\/7a29d0358cfca13b7e11e925e55945b9-696x303.png 696w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<div style=\"font-size: 75%; line-height: 1.5;\"><div class=\"su-expand su-expand-collapsed su-expand-link-style-default no-margin\" data-height=\"0\"><div class=\"su-expand-content su-u-trim\" style=\"color:#333333;max-height:0px;overflow:hidden\">Currency Index charts show the <strong>strength of a single currency<\/strong> based on a basket of foreign currencies. This is done using a weighted mean (an average) of the 5 largest routes from that source currency and their daily FX rates. You can explore <a style=\"color:#0088FF\" href=\"\/exchange-rate\/\">live exchange rates here<\/a>.<\/div><div class=\"su-expand-link su-expand-link-more\" style=\"text-align:center\"><a href=\"javascript:;\" style=\"color:#0088FF;border-color:#0088FF\"><span style=\"border-color:#0088FF\">What does this show? <\/span><\/a><\/div><div class=\"su-expand-link su-expand-link-less\" style=\"text-align:center\"><a href=\"javascript:;\" style=\"color:#0088FF;border-color:#0088FF\"><span style=\"border-color:#0088FF\">Show less<\/span><\/a><\/div><\/div><\/div>\n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rising commodity prices, such as gold and iron ore are supporting the commodity linked Australian Dollar (AUD) Rising covid cases in Victoria and Australia\u2019s AAA rating on negative watch by S&amp;P rating agency caps gains Pound (GBP) trades broadly higher versus majors ahead of service sector PMI Data could start to falter as government starts [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":82671,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[1540,1541,1394,2044,1391,3069,1545],"class_list":["post-102801","post","type-post","status-publish","format-standard","has-post-thumbnail","category-aud","category-gbp","tag-aud","tag-australian-dollar","tag-gbp","tag-gold","tag-pound","tag-sp","tag-service-sector"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - 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