Yesterday’s high: AU$1.7126
Yesterday’s low: AU$1.7042
GBP/AUD Fluctuates Amid UK Political Uncertainty
The Pound fluctuated against the Australian Dollar on Thursday in the wake of the political uncertainty prompted by the resignation of Priti Patel from her position as international development secretary.
This was the second cabinet resignation within a week, leading to fears of instability in Theresa May’s government, something that analysts suggest may have hampered Brexit talks as they resumed yesterday.
However after recouping some of its losses by the afternoon the GBP AUD exchange rate was able to stabilise overnight as the ‘Aussie’ was weakened following the Reserve Bank of Australia’s (RBA) latest Statement on Monetary Policy, in which the bank downgraded its inflation forecasts.
AUD Outlook: UK Trade Figures to Bolster Sterling?
Looking to the day ahead, the GBP AUD exchange rate may rally later this morning with the release of the UK’s latest Trade Balance figures, with economists forecasting that Britain’s trade deficit will have shrunk from £5.63bn to £4.6bn in September.
Meanwhile, the Australian Dollar may weaken further during the coming session as the rebound in iron ore prices begins to face, with the RBA suggesting that Chinese demand may have finally peaked.
09:30 UK Trade Balance Sep
01:30 AU Business Confidence
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