Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Pound Sterling Forecast (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

GBP AUD Mixed After Boris Johnson Resigns

% of readers think this story is Fact. Add your two cents.


The GBP AUD exchange rate recovered earlier losses to post a slight gain after UK Prime Minister Boris Johnson announced his resignation. Johnson tried to cling to the post but stepped down after meeting Sir Graham Brady. The pound will benefit from the end of a messy few months for the British leader. In Australia, stronger trade balance figures lifted the dollar, driven by higher coal exports. 

The GBP to AUD rate trades at 1.1760 and pauses to absorb the impact of a new Prime Minister. 

Upbeat trade balance figures boost the Aussie dollar 

The latest trade data from the Australian Bureau of Statistics showed a stronger trade balance. 

Analysts initially expected a A$10,275m figure, but the actual result was A$15,965m. Goods and services exports were up 9.5%, while imports were up 5.8% month-on-month. 

The export increase is primarily due to coal and higher gas market prices. No further data was released this week for the pound sterling or Australian dollar, and the current trend of Aussie strength should hold.  

In the UK, Prime Minister Boris Johnson clung to his job despite 40 ministers and aides resigning in 24 hours. The uncertainty will keep the pressure on the pound sterling over the weekend as investors consider the outcome. Johnson and his new Chancellor were due to set out the country’s financial plan, but that may not hold much weight with leadership challenges. 

Chinese investors dump Australia as a critical destination 

Chinese investors are pulling out of Australia due to its tense relationship with the country. A report by KPMG said that Chinese investment in Australia had dropped 70% since 2007 

Chinese firms spent A$778 million, compared to only $2.5 billion in 2020. Only four deals accounted for a large portion of those investment flows. 

“The decline really has now gone to a level where there is literally none or very little investment coming from China,” Hans Hendrischke, author and professor in Chinese business and management from the University of Sydney, said. 

However, Dr Wey Li at the University of Sydney said that companies are still holding previous investments. He asserted that he did not see a major trend of Chinese companies withdrawing their investment in Australia, presently. It’s a case of ‘wait and see.’ While investment was resource-intensive, with countries like Australia seeking access to iron ore and coal, it moved away from these investments to technology. 

To get in touch and receive further insight into the factors that could impact your overseas payments, click the button below and complete the form on the Lumon website.

GET IN TOUCH

The post GBP AUD Mixed After Boris Johnson Resigns appeared first on Pound Sterling Forecast.


Source: https://www.poundsterlingforecast.com/2022/07/gbp-aud-mixed-after-boris-johnson-resigns/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.