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.
02:30 AU RBA Minutes
09:30 UK Unemployment Rate (May)
09:30 UK Wage Growth (May)
09:30 UK Inflation Rate (Jun)
02:30 AU Unemployment Rate (Jun)
09:30 UK Retail Sales (Jun)
09:30 UK Public Sector Borrowing (Jun)
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