{"id":97375,"date":"2020-03-11T04:28:33","date_gmt":"2020-03-11T08:28:33","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97375"},"modified":"2020-03-11T05:24:55","modified_gmt":"2020-03-11T09:24:55","slug":"102651-gbp-aud-down-0-26-as-boe-cuts-rates-by-0-50-in-surprising-move","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102651-gbp-aud-down-0-26-as-boe-cuts-rates-by-0-50-in-surprising-move\/","title":{"rendered":"GBP\/AUD Down 0.26% as BoE Cuts Rates by 0.50% in Surprising Move"},"content":{"rendered":"

GBP\/AUD<\/a> continues to decline on Wednesday. Currently, the pound sterling<\/a> and the Australian dollar<\/a> are trading at 1.9784, down 0.26% as of 6:55 AM UTC.<\/p>\n

BoE Cuts Rates Ahead of Schedule<\/h2>\n

The price tumbled after the Bank of England (BoE) surprised investors by cutting interest rates by 0.50% to 0.25% in an emergency move to stimulate the economy amid the coronavirus outbreak. The decision came hours earlier than planned. Thus, this was the first cut to occur outside the central bank\u2019s normal schedule since the financial crisis in 2008.<\/p>\n

The bank said<\/a>:<\/p>\n

\u201cAlthough the magnitude of the economic shock from Covid-19 is highly uncertain, activity is likely to weaken materially in the United Kingdom over the coming months.\u201d<\/em><\/p>\n

The BoE follows its Australian, Canadian, and US counterparts, while the European Central Bank is expected to ease its monetary policy tomorrow.<\/p>\n

All members of the BoE\u2019s Monetary Policy Committee (MPC) unanimously voted to cut the rate by 0.50%.<\/p>\n

The bank maintained its target of bond purchases. However, it introduced a new scheme to support lending to small businesses. The BoE said in its statement:<\/p>\n

\u201cTemporary but significant disruptions to supply chains and weaker activity could challenge cash flows and increase demand for short-term credit from households and for working capital from companies<\/em>.\u201d<\/p>\n

Australia\u2019s Consumer Sentiment Tumbles to 5-Year Low<\/h2>\n

Elsewhere, the Aussie is also struggling against other majors, as the country is assessing the impact of the coronavirus outbreak that originated in China, which is Australia\u2019s largest trade partner.<\/p>\n

Australian consumer sentiment fell to the lowest level in over five years in March. Melbourne Institute and Westpac Bank\u2019s index of consumer sentiment dropped 3.8% this month and 7.0% year-on-year.<\/p>\n

Westpac chief economist Bill Evans commented<\/a>:<\/p>\n

\u201cThe worsening coronavirus outbreak and associated rout in financial markets have had a major impact on sentiment this month. In fact, it is the second lowest level since the global financial crisis when the Index bottomed out at 79<\/em>.\u201d<\/p>\n

The survey\u2019s gauge of the economic outlook for the next 12 months tumbled 12.8%. Nevertheless, the outlook for the next five years fell only 1.3%.<\/p>\n

Earlier today, Australia announced a $1.56 billion health package that will cover the development of fever clinics and cost-free facilities for people to get consulted over video calls.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/AUD continues to decline on Wednesday. Currently, the pound sterling and the Australian dollar are trading at 1.9784, down 0.26% as of 6:55 AM UTC. BoE Cuts Rates Ahead of Schedule The price tumbled after the Bank of England (BoE) surprised investors by cutting interest rates by 0.50% to 0.25% in an emergency move to […]<\/p>\n","protected":false},"author":163946603,"featured_media":47061,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[1540,2157,1394,1860,2179],"class_list":{"0":"post-97375","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-coronavirus-outbreak","11":"tag-gbp","12":"tag-gbp-aud","13":"tag-monetary-policy-committee"},"acf":[],"yoast_head":"\nGBP\/AUD Down 0.26% as BoE Cuts Rates by 0.50% in Surprising Move - 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\/102651-gbp-aud-down-0-26-as-boe-cuts-rates-by-0-50-in-surprising-move\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anatol Antonovici\" \/>\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\\\/102651-gbp-aud-down-0-26-as-boe-cuts-rates-by-0-50-in-surprising-move\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102651-gbp-aud-down-0-26-as-boe-cuts-rates-by-0-50-in-surprising-move\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/AUD Down 0.26% as BoE Cuts Rates by 0.50% in Surprising Move\",\"datePublished\":\"2020-03-11T08:28:33+00:00\",\"dateModified\":\"2020-03-11T09:24:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102651-gbp-aud-down-0-26-as-boe-cuts-rates-by-0-50-in-surprising-move\\\/\"},\"wordCount\":381,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102651-gbp-aud-down-0-26-as-boe-cuts-rates-by-0-50-in-surprising-move\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/gbp-aud.jpg\",\"keywords\":[\"aud\",\"coronavirus outbreak\",\"gbp\",\"gbp\\\/aud\",\"Monetary Policy Committee\"],\"articleSection\":[\"AUD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102651-gbp-aud-down-0-26-as-boe-cuts-rates-by-0-50-in-surprising-move\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102651-gbp-aud-down-0-26-as-boe-cuts-rates-by-0-50-in-surprising-move\\\/\",\"name\":\"GBP\\\/AUD Down 0.26% as BoE Cuts Rates by 0.50% in Surprising Move - 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