Foremost Currency Group

Make the most of your currency

Talk to our friendly team:+44 (0)1442 892060

Australian Dollar Fluctuates on Rising Fed Rate Cut Expectations

Last week’s high: AU$1.79001

Last week’s low: AU$1.8032

GBP/AUD Exchange Rate Volatile on No-Deal Brexit Fears

The Pound traded in a wide range against the Australian Dollar last week in the face of growing Brexit jitters.

Also influencing Sterling was the Bank of England’s latest financial stability report, with GBP investors welcoming the bank’s assessment that the UK’s banking sector is resilient enough to weather a no-deal Brexit.

Meanwhile, the Australian Dollar struggled in the first half of the week as US-China trade tensions saw Australian business confidence plummet in June.

However the ‘Aussie’ bounced back in the tail end of the session as renewed Federal Reserve rate cut expectations buoyed market risk appetite.

AUD Outlook: Aussie Jobs Data Could Weigh on AUD

Looking ahead, a slew of UK economic data is likely to drive movement in the GBP/AUD exchange rate this week, the focus of which looks set to be the UK’s latest employment figures.

This could cast the Pound lower in the first half of the session if we see the recent slowdown in wage growth persist into May.

Meanwhile, Australia will publish its own employment figures this week, which could limit the appeal of the ‘Aussie’ if employment growth slowed in line with expectations in June.

Key Events

16th July

02:30 AU RBA Minutes

09:30 UK Unemployment Rate (May)

09:30 UK Wage Growth (May)

17th July

09:30 UK Inflation Rate (Jun)

18th July

02:30 AU Unemployment Rate (Jun)

09:30 UK Retail Sales (Jun)

19th July

09:30 UK Public Sector Borrowing (Jun)

 

If you need to make an AUD transfer but don’t have an account with us just click here to get started.

To keep up to date with the Australian Dollar, visit the AUD blog in our Currency News section.

Alastair Archbold

Currency Trader

T: 01442 892 062

© Copyright 2013 to 2019 | Foremost Currency Group Ltd | All rights reserved