{"id":99156,"date":"2020-04-21T02:59:56","date_gmt":"2020-04-21T06:59:56","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=99156"},"modified":"2020-04-21T03:19:46","modified_gmt":"2020-04-21T07:19:46","slug":"103088-gbp-aud-aussie-declines-after-rbas-gloomy-outlook","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/103088-gbp-aud-aussie-declines-after-rbas-gloomy-outlook\/","title":{"rendered":"GBP\/AUD: Aussie Declines After RBA\u2019s Gloomy Outlook"},"content":{"rendered":"

GBP\/AUD<\/a> is bullish on Tuesday, but it has departed from its daily peak. The pair hasn\u2019t been really trending since April 13. Currently, one British pound<\/a> buys 1.9634 Australian dollars<\/a>, up 0.06% as of 6:30 AM UTC. Earlier today, the price hit a daily high at 1.9734.<\/p>\n

Judging by larger timeframes, there is still a bearish feeling since the pair used to trade above 2.00 at the end of March.<\/p>\n

The Aussie has weakened after the Reserve Bank of Australia (RBA) Governor Philip Lowe voiced some grave predictions about the economy. He said that the country would experience the biggest contraction since the Great Depression in the first half of the year. The economy has been frozen amid the coronavirus outbreak and the mobility restrictions that came with it. Note that Australia also suffered one of its worst fire seasons on record.<\/p>\n

Lowe said that Australia\u2019s gross domestic product (GDP) would decline by about 10% in the first six months of 2020, with most of the decline occurring in the three months to June. He noted<\/a>:<\/p>\n

\u201cThese are all very large numbers and ones that were inconceivable just a few months ago. They speak to the immense challenge faced by our society to contain the virus<\/em>.\u201d<\/p>\n

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

Australia\u2019s Unemployment to Hit 10% by June<\/h2>\n

The governor said that unemployment was likely to hit 10% by June as total hours worked would drop by about 20%. In March, the unemployment rate was at 5.2%.<\/p>\n

Diana Mousina, an economist at AMP Capital, commented<\/a> on the situation in the labor market:<\/p>\n

\u201cRising unemployment will hit consumer spending, home prices and wages growth. Inflation will also be lower than expected. We expect underlying inflation to be around 1% by the end of the year<\/em>.\u201d<\/p>\n

Interestingly, the number of COVID infections and deaths in Australia is very small compared to many European countries and the US. However, the rate of growth spiked in March. This forced the government to close non-essential businesses, impose social distancing measures, and ban overseas travel.<\/p>\n

Lowe said that even when the restrictions are lifted, the recovery would be slow.<\/p>\n

\u201cWhatever the timing of the recovery, when it does come, we should not be expecting that we will return quickly to business as usual<\/em>,\u201d the governor explained.<\/p>\n","protected":false},"excerpt":{"rendered":"

GBP\/AUD is bullish on Tuesday, but it has departed from its daily peak. The pair hasn\u2019t been really trending since April 13. Currently, one British pound buys 1.9634 Australian dollars, up 0.06% as of 6:30 AM UTC. Earlier today, the price hit a daily high at 1.9734. Judging by larger timeframes, there is still a […]<\/p>\n","protected":false},"author":163946609,"featured_media":3753,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1547,1379],"tags":[1540,2245,1394,2517,1542],"class_list":["post-99156","post","type-post","status-publish","format-standard","has-post-thumbnail","category-aud","category-gbp","tag-aud","tag-australian-economy","tag-gbp","tag-phillip-lowe","tag-rba"],"acf":[],"yoast_head":"\nGBP\/AUD: Aussie Declines After RBA\u2019s Gloomy 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\/103088-gbp-aud-aussie-declines-after-rbas-gloomy-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\\\/103088-gbp-aud-aussie-declines-after-rbas-gloomy-outlook\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103088-gbp-aud-aussie-declines-after-rbas-gloomy-outlook\\\/\"},\"author\":{\"name\":\"Anatol Antonovici\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#\\\/schema\\\/person\\\/c9c031720b5822c1d9bb63b59c6535ce\"},\"headline\":\"GBP\\\/AUD: Aussie Declines After RBA\u2019s Gloomy Outlook\",\"datePublished\":\"2020-04-21T06:59:56+00:00\",\"dateModified\":\"2020-04-21T07:19:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103088-gbp-aud-aussie-declines-after-rbas-gloomy-outlook\\\/\"},\"wordCount\":405,\"image\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103088-gbp-aud-aussie-declines-after-rbas-gloomy-outlook\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/currencylive.com\\\/news\\\/wp-content\\\/uploads\\\/2019\\\/08\\\/100120-gbp-aud-boe-speech-today.jpg\",\"keywords\":[\"aud\",\"australian economy\",\"gbp\",\"Phillip Lowe\",\"rba\"],\"articleSection\":[\"AUD\",\"GBP\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2020\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103088-gbp-aud-aussie-declines-after-rbas-gloomy-outlook\\\/\",\"url\":\"https:\\\/\\\/currencylive.com\\\/news\\\/103088-gbp-aud-aussie-declines-after-rbas-gloomy-outlook\\\/\",\"name\":\"GBP\\\/AUD: Aussie Declines After RBA\u2019s Gloomy Outlook - 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