Yesterday’s high: AU$1.7393

Yesterday’s low: AU$1.7237

GBP/AUD Falls from Best Levels

The Pound slipped from a two-week high against the Australian Dollar on Wednesday, with investors reacting poorly to the UK’s latest average earnings statistics as they revealed that the gap between wage growth and inflation remained significant in September.

However GBP AUD rebounded by the end of the European session as the ‘Aussie’ was weakened by a sell of commodities.

These gains proved to be short lived however as the ‘Aussie’ was buoyed by Australia’s latest employment data, with the jobless rate dropping from 5.4% to 5.5% in October.

AUD Outlook: Will the Pound Strengthen on Retail Sales Figures?

Looking to the day ahead the Pound may rally further with the release of the UK’s latest retail sales figures, with economists forecasting that sales growth will have rebounded from -0.7% to 0.1% in October.

Meanwhile, a lull in domestic data until next week may leave the Australian Dollar a little directionless in the second half of the week, with any movement likely to be driven by iron ore prices.

Key Events

16^th November

09:30 UK Retail Sales Oct

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James Baxter

Senior Currency Broker
T: 01442 892 062