{"id":3752,"date":"2017-06-20T00:00:00","date_gmt":"2017-06-20T04:00:00","guid":{"rendered":"https:\/\/currencylive.com\/100120-gbp-aud-boe-speech-today\/"},"modified":"2017-06-20T00:00:00","modified_gmt":"2017-06-20T04:00:00","slug":"100120-gbp-aud-boe-speech-today","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/100120-gbp-aud-boe-speech-today\/","title":{"rendered":"Pound Pushes Higher Against Australian Dollar Ahead of BoE Speech"},"content":{"rendered":"<p>The pound Australian dollar exchange rate strengthened going into Tuesday as investors digested Australian house price data and minutes from the Reserve Bank of Australia\u2019s monetary policy meeting. The market was also keenly looking ahead to the Governor of the Bank of England (BoE) speaking later this morning.<\/p>\n<p>The pound was trading at A$1.6770, after having been as high as A$1.6867 before dropping to a day\u2019s low for the pound of A$1.6740 in the previous session.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>What do these figures mean? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>When measuring the value of a pair of currencies, one set equals 1 unit and the other shows the current equivalent. As the market moves, the amount will vary from minute to minute. <\/p>\n<p> For example, it could be written: <em>1 GBP = 1.72119 AUD<\/em> <\/p>\n<p> <em>Here, \u00a31 is equivalent to approximately A$1.72. This specifically measures the pound\u2019s worth against the Australian dollar. If the Aussie dollar amount increases in this pairing, it\u2019s positive for the pound.<\/em> <\/p>\n<p> Or, if you were looking at it the other way around: <em>1 AUD = 0.57677 GBP<\/em> <\/p>\n<p> <em>In this example, A$1 is equivalent to approximately \u00a30.58. This measures the Australian dollar\u2019s worth versus the British pound. If the sterling number gets larger, it\u2019s good news for the Aussie dollar.<\/em> <\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<p>The BoE Governor Mark Carney is due to talk at Mansion House today. The event has been rescheduled from last week when it was postponed following the fire at Grenfell Tower. Carney often uses this opportunity to give a candid rundown of the state of the economy. However, today analysts expect him to go into more detail over the shock vote split in the BoE monetary policy committee. Five members voted to keep rates on hold, whereas three votes to hike rates, catching the market off guard.<\/p>\n<p>Investors will be paying close attention to see if Carney makes any comments regarding the possibility of other committee members switch alliances. Although unlikely, any comment along such lines would boost interest rate expectations and therefore could push sterling higher.<\/p>\n<table class=\"table table-bordered\">\n<thead>\n<tr>\n<th>Why do raised interest rates boost a currency\u2019s value? <\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>Interest rates are key to understanding exchange rate movements. Those who have large sums of money to invest want the highest return on their investments. Higher interest rate environments tend to offer higher yields. So, if the interest rate or at least the interest rate expectation of a country is relatively higher compared to another, then it attracts more foreign capital investment. Large corporations and investors need local currency to invest. More local currency used then boosts the demand of that currency, pushing the value higher. <\/td>\n<\/tr>\n<\/tbody>\n<\/table class=\"table table-bordered\">\n<h2><a href=\"#australian-dollar-weakens-marginally-on-rba-meeting-minutes\" name=\"australian-dollar-weakens-marginally-on-rba-meeting-minutes\"><\/a>Australian dollar weakens marginally on RBA meeting minutes<\/h2>\n<p>The Australian dollar was steadily losing ground against the pound as it moved into Tuesday. Investors had been waiting anxiously for data on housing prices, as well as the minutes to the Reserve Bank of Australia\u2019s (RBA) interest rate meeting.<\/p>\n<p>House prices increased 2.2% quarter on quarter as expected, and lower than last month\u2019s 4%. On an annual basis, prices increased 10% which was higher than the previous figure of 7%. The house price data is being closely watched by Australia\u2019s central bank, as it is considered a key indicator of inflation. A higher than expected figure would mean inflation could be expected to tick northwards. Central banks often look to hike interest rates in high inflation environments. However, as today\u2019s figure was as analysts had forecasted, the market paid little attention to it.<\/p>\n<p>Finally, the minutes from RBA showed the central bank remained upbeat over the outlook of Australia\u2019s economy. However, it once again highlighted concerns over the housing market. House price growth has been cooling recently, but household debt is a key vulnerability for the Australian economy. The overall effect was a slight weakening in the Australian dollar.<\/p>\n<table class=\"table table-bordered\">\n<tbody>\n<tr>\n<td>\n<p><small><em><br \/>\nThis publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Inc., Currency Live or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. Consult our <a href=\"https:\/\/currencylive.com\/risk-warning\/\">risk warning<\/a> page for more details.<\/em><\/small><\/p>\n<p><small><em>This article was initially published on TransferWise.com from the same author. The content at Currency Live is the sole opinion of the authors and in no way reflects the views of TransferWise Inc.<\/em><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The pound Australian dollar exchange rate strengthened going into Tuesday as investors digested Australian house price data and minutes from the Reserve Bank of Australia\u2019s monetary policy meeting. The market was also keenly looking ahead to the Governor of the Bank of England (BoE) speaking later this morning. The pound was trading at A$1.6770, after [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":3753,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1379],"tags":[1394],"class_list":{"0":"post-3752","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gbp","8":"tag-gbp"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pound Pushes Higher Against Australian Dollar Ahead of BoE Speech - 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\/100120-gbp-aud-boe-speech-today\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiona Cincotta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100120-gbp-aud-boe-speech-today\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100120-gbp-aud-boe-speech-today\\\/\"},\"author\":{\"name\":\"Fiona Cincotta\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/8ef0fafb6c93f1204150bb907b42cfec\"},\"headline\":\"Pound Pushes Higher Against Australian Dollar Ahead of BoE Speech\",\"datePublished\":\"2017-06-20T04:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100120-gbp-aud-boe-speech-today\\\/\"},\"wordCount\":789,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100120-gbp-aud-boe-speech-today\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100120-gbp-aud-boe-speech-today.jpg\",\"keywords\":[\"gbp\"],\"articleSection\":[\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2017\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100120-gbp-aud-boe-speech-today\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/100120-gbp-aud-boe-speech-today\\\/\",\"name\":\"Pound Pushes Higher Against Australian Dollar Ahead of BoE Speech - 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