{"id":97883,"date":"2020-03-24T04:18:47","date_gmt":"2020-03-24T08:18:47","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=97883"},"modified":"2020-03-24T10:18:16","modified_gmt":"2020-03-24T14:18:16","slug":"102782-gbp-aud-tumbles-1-20-as-rba-pumps-liquidity","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102782-gbp-aud-tumbles-1-20-as-rba-pumps-liquidity\/","title":{"rendered":"GBP\/AUD Tumbles 1.20% as RBA Pumps Liquidity"},"content":{"rendered":"

GBP\/AUD<\/a> entered a correction phase, after touching the highest level since January 2016 at the end of last week.<\/p>\n

Currently, the pair is trading at 1.9572, down 1.20% as of 5:40 AM UTC. The price is now breaking below a decent support line. Thus, its next support level is at around 1.9300.<\/p>\n

Both the UK and Australia are struggling with the COVID pandemic<\/a> and its impact on the economy. However, the latter might be in a slightly better position, especially when China, Australia\u2019s largest trade partner, has managed to curb the spread of the virus.<\/p>\n

Check real time GBP to AUD exchange rate<\/span><\/a><\/div>\n

RBA Injects 5 Times More Cash Than Intended<\/h2>\n

The Aussie started to gain confidence after the Reserve Bank of Australia (RBA) took action last week to support the economy. On Tuesday, the central bank pumped the equivalent of $4.03 billion into the financial system via its repurchase agreements. This is about five times more than initially intended.<\/p>\n

The Australian currency<\/a> has welcomed more investors as the US dollar<\/a> became less attractive after the Fed announced unlimited support.<\/p>\n

All in all, despite RBA\u2019s measures, Australia cannot avoid a recession, as the lockdown measures affect many of the key industries.<\/p>\n

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

\u201cWe estimate that there will be 814,000 in job losses in the June quarter lifting the unemployment rate to 11.1%. Working through our GDP estimates on an industry basis and acknowledging that output is not always aligned with employment this approach points to a contraction in GDP of 3.5% in the June quarter<\/em>.\u201d<\/p>\n

According to Evans\u2019 projections, the jobless rate might surge to the highest level since December 1992, when it peaked at 11.2%. Also, Australia\u2019s economy hasn\u2019t seen a recession since the first half of 1991.<\/p>\n

Yesterday, IHS Markit published CBA\u2019s preliminary data, which showed that the services purchasing managers\u2019 index (PMI) tumbled to 39.8 in March, from 49.0 in February. Analysts expected a decline to 48.3.<\/p>\n

Commonwealth Bank\u2019s chief economist Michael Blythe explained<\/a>:<\/p>\n

\u201cThe services sector is being hit hard by the cancellation of events, general fears about social interaction and a very sharp decline in offshore demand as travel restrictions bite<\/em>.\u201d<\/p>\n

Despite the gloomy fundamentals, the Aussie has managed to recover, also benefiting from a weakening pound. Recently, UK Prime Minister Boris Johnson banned citizens from leaving home as part of a series of tightening social distancing measures.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/AUD entered a correction phase, after touching the highest level since January 2016 at the end of last week. Currently, the pair is trading at 1.9572, down 1.20% as of 5:40 AM UTC. The price is now breaking below a decent support line. Thus, its next support level is at around 1.9300. Both the UK […]<\/p>\n","protected":false},"author":163946598,"featured_media":47026,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[1540,2139,1394,1860],"class_list":{"0":"post-97883","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","11":"tag-gbp","12":"tag-gbp-aud"},"acf":[],"yoast_head":"\nGBP\/AUD Tumbles 1.20% as RBA Pumps Liquidity - 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\/102782-gbp-aud-tumbles-1-20-as-rba-pumps-liquidity\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Ileana Ionescu\" \/>\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\\\/102782-gbp-aud-tumbles-1-20-as-rba-pumps-liquidity\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102782-gbp-aud-tumbles-1-20-as-rba-pumps-liquidity\\\/\"},\"author\":{\"name\":\"Ileana Ionescu\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3d5cb0a6a22d357fc0b9ad562f35e75b\"},\"headline\":\"GBP\\\/AUD Tumbles 1.20% as RBA Pumps Liquidity\",\"datePublished\":\"2020-03-24T08:18:47+00:00\",\"dateModified\":\"2020-03-24T14:18:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102782-gbp-aud-tumbles-1-20-as-rba-pumps-liquidity\\\/\"},\"wordCount\":418,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102782-gbp-aud-tumbles-1-20-as-rba-pumps-liquidity\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/10\\\/GBP-aud-broke-ascending-support-line.jpg\",\"keywords\":[\"aud\",\"coronavirus\",\"gbp\",\"gbp\\\/aud\"],\"articleSection\":[\"AUD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102782-gbp-aud-tumbles-1-20-as-rba-pumps-liquidity\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102782-gbp-aud-tumbles-1-20-as-rba-pumps-liquidity\\\/\",\"name\":\"GBP\\\/AUD Tumbles 1.20% as RBA Pumps Liquidity - 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