{"id":98559,"date":"2020-04-08T03:35:32","date_gmt":"2020-04-08T07:35:32","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=98559"},"modified":"2020-04-08T04:58:26","modified_gmt":"2020-04-08T08:58:26","slug":"102957-gbp-aud-returns-above-2-00-as-sp-slashes-australias-sovereign-outlook","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102957-gbp-aud-returns-above-2-00-as-sp-slashes-australias-sovereign-outlook\/","title":{"rendered":"GBP\/AUD Returns Above 2.00 as S&amp;P Slashes Australia\u2019s Sovereign Outlook"},"content":{"rendered":"<p><a href=\"http:\/\/currencylive.com\/exchange-rate\/gbp-to-aud-exchange-rate-today\/\">GBP\/AUD<\/a> has returned above 2.00 as UK Prime Minister Boris Johnson continues to be held in the intensive care unit (ICU) but is in stable condition. Elsewhere, the <a href=\"http:\/\/currencylive.com\/news\/currency\/aud\">Aussie<\/a> is under pressure after disappointing housing market data and S&amp;P\u2019s downgrading.<\/p>\n<p>The pair is currently trading at 2.0069, up 0.45% as of 6:30 AM UTC. The price is now ascending after three bearish sessions that slashed over 2.2%.<\/p>\n<p>The Australian Bureau of Statistics (ABS) reported that the gauge of new housing loan commitments declined by 1.7% in February, even before the coronavirus outbreak became an issue.<\/p>\n<div class=\"su-button-center\"><a href=\"https:\/\/currencylive.com\/exchange-rate\/gbp-to-aud-exchange-rate-today\/\" class=\"su-button su-button-style-flat button-internalbutton\" style=\"color:#ffffff;background-color:#f92658;border-color:#c81f47;border-radius:5px\" target=\"_self\"><span style=\"color:#ffffff;padding:0px 22px;font-size:17px;line-height:34px;border-color:#fb688b;border-radius:5px;text-shadow:none\"> Check real time GBP to AUD exchange rate<\/span><\/a><\/div>\n<p>ABS Chief Economist, Bruce Hockman, <a href=\"https:\/\/www.abs.gov.au\/ausstats\/abs%40.nsf\/mediareleasesbyCatalogue\/CD780691805A926CCA25839E001987B5?OpenDocument\">commented<\/a>:<\/p>\n<p>\u201c<em>February\u2019s fall in the value of new loan commitments for housing follows considerable growth in the series from mid-2019 onwards. New loan commitments for both owner occupier housing and investor housing were down this month, falling 1.7 per cent and 1.9 per cent respectively<\/em>.\u201d<\/p>\n<h2>S&amp;P Downgrades Outlook on Australia\u2019s AAA rating<\/h2>\n<p>The Australian dollar has declined also because ratings agency S&amp;P cut its outlook on Australia\u2019s credit rating \u201cAAA\u201d from stable to negative, as the government\u2019s debt position is expected to deteriorate amid the massive stimulus package.<\/p>\n<p>The agency said that Australia\u2019s credit rating might be downgraded to AA+ within the next two years if the impact from the coronavirus pandemic is more severe than it currently anticipates. Australia is in line with only a few countries that can boast the highest ranking from S&amp;P, Moody\u2019s, and Fitch.<\/p>\n<p>S&amp;P expects the Australian economy, worth $1.23 trillion, to fall into recession for the first time in three decades.<\/p>\n<p>Treasurer Josh Frydenberg noted that the outlook downgrade was \u201ca reminder of the importance of maintaining our commitment to medium term fiscal sustainability.\u201d<\/p>\n<p>Fund managers said that S&amp;P\u2019s update wouldn\u2019t increase the government&#8217;s borrowing costs by much. However, it may damage local firms whose ratings rely on the sovereign rating. Asmita Kulkarni, Director Investment Strategy at FIIG, <a href=\"https:\/\/www.nytimes.com\/reuters\/2020\/04\/08\/world\/asia\/08reuters-australia-ratings-s-p.html\">commented<\/a>:<\/p>\n<p>\u201c<em>A large proportion of credit funds are mandated to maintain funds in a specific ratings bucket. With potential widespread downgrades we could see funds being forced to sell-down investment which would result in a widening of credit spreads<\/em>.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GBP\/AUD has returned above 2.00 as UK Prime Minister Boris Johnson continues to be held in the intensive care unit (ICU) but is in stable condition. Elsewhere, the Aussie is under pressure after disappointing housing market data and S&amp;P\u2019s downgrading. The pair is currently trading at 2.0069, up 0.45% as of 6:30 AM UTC. The [&hellip;]<\/p>\n","protected":false},"author":163946603,"featured_media":3769,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[1540,1758,2620,1394],"class_list":{"0":"post-98559","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-australia-bureau-of-statistics","11":"tag-australia-credit-rating","12":"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>GBP\/AUD Returns Above 2.00 as S&amp;P Slashes Australia\u2019s Sovereign Outlook - 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\/102957-gbp-aud-returns-above-2-00-as-sp-slashes-australias-sovereign-outlook\/\" \/>\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\\\/102957-gbp-aud-returns-above-2-00-as-sp-slashes-australias-sovereign-outlook\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102957-gbp-aud-returns-above-2-00-as-sp-slashes-australias-sovereign-outlook\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/3bd9732cd8453e3df154132a302a4416\"},\"headline\":\"GBP\\\/AUD Returns Above 2.00 as S&amp;P Slashes Australia\u2019s Sovereign Outlook\",\"datePublished\":\"2020-04-08T07:35:32+00:00\",\"dateModified\":\"2020-04-08T08:58:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102957-gbp-aud-returns-above-2-00-as-sp-slashes-australias-sovereign-outlook\\\/\"},\"wordCount\":410,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102957-gbp-aud-returns-above-2-00-as-sp-slashes-australias-sovereign-outlook\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100128-gbp-aud-boe-haldane-comments.jpg\",\"keywords\":[\"aud\",\"Australia Bureau of Statistics\",\"Australia credit rating\",\"gbp\"],\"articleSection\":[\"AUD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102957-gbp-aud-returns-above-2-00-as-sp-slashes-australias-sovereign-outlook\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/102957-gbp-aud-returns-above-2-00-as-sp-slashes-australias-sovereign-outlook\\\/\",\"name\":\"GBP\\\/AUD Returns Above 2.00 as S&amp;P Slashes Australia\u2019s Sovereign Outlook - 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