Yesterday’s high: AU$1.6430
Yesterday’s low: AU$1.6354
Australian Dollar Struggles against Stronger Pound
Demand for the Pound has improved since last week due to some strong UK data published on Friday, as well as speculation about the Bank of England’s (BoE) September policy decision.
As a result, the volatile Australian Dollar has been unable to hold its ground against Sterling, despite risk-correlated currencies becoming more appealing.
Market relief that North Korea did not hold another missile test over the weekend left investors less hesitant to buy risky currencies. However, the ‘Aussie’ was held back by falling iron ore prices.
AUD Outlook: UK Inflation in Focus
Many key UK and Australian ecostats are set to come in in the coming days, culminating with the Bank of England’s (BoE) September policy decision during Thursday’s European session.
Britain’s August inflation report will be published today. The strength of inflation could set the tone for how optimistic Pound traders will be about the chances of a more hawkish BoE.
Australian Dollar traders will continue to focus on risk-sentiment, but consumer confidence data could inspire AUD fluctuations on Wednesday.
09:30 UK Inflation Rate
01:30 Australian Consumer Confidence
09:30 UK Employment Report
02:30 Australian Employment Report
12:00 Bank of England Decision
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