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AUD currency update: GBP/AUD rises after BoE’s interest rate decision

James Baxter - AUD currency update: GBP/AUD rises after BoE's interest rate decisionJames Baxter
Senior Currency Broker
T: 01442 892 062

GBP/AUD has risen around one cent this morning as the pound has gained ground across the board following the Bank of England’s interest rate decision yesterday afternoon.

The Monetary Policy Committee decided to keep interest rates on hold, which came as no surprise, but one of the nine members of the MPC, Kristen Forbes, voted in favour of a rate hike. Forbes has historically been fairly hawkish over the possibility of a rate hike, more so over recent months as UK inflation has started rising rapidly, owing to the weak pound. The news strengthened the pound against most of its counterparts, pushing GBP/AUD back above 1.60.

There are no significant data releases from either country today so we may be in for a quiet end to the week.

At the time of writing, GBP/AUD is trading at 1.61 and AUD/EUR is sitting in the low 0.71’s.

GBP/AUD exchange rate graph

GBP/AUD exchange rate graph

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James Baxter
Senior Currency Broker
T: 01442 892 062

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