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GBP/AUD Exchange Rate Rises as AU Unemployment Figures Disappoint

Last week’s high: AU$1.8380

Last week’s low:  AU$1.8184

Australian Dollar Slumps on Disappointing Jobs Report

On Tuesday, GBP/AUD rose as UK unemployment figures beat market expectations and remained at a 44-year low.

Meanwhile, the ‘Aussie’ was left depressed as, despite the Reserve Bank of Australia (RBA) trying to lift the gloom by cutting interest rates, consumer confidence slumped -0.6% in June.

Further limiting AUD, RBA Assistant Governor, Luci Ellis gave a speech in which she argued the Aussie unemployment rate would need to fall below 4.5% in order to see inflation rise to the RBA’s target.

Added to this, risk appetite was increasingly fragile last week as US-China trade tensions heightened while the US blamed Iran for Thursday’s attacks in the Gulf of Oman.


AUD Outlook: Will a Dovish RBA Weigh on the Aussie?

Looking ahead to Tuesday, it is likely AUD could slide following the release of the RBA’s meeting minutes.

If the minutes reveal policymakers are considering cutting rates once again, the GBP/AUD pairing could rise.

Meanwhile, on Thursday RBA Governor Philip Lowe is due to give a speech, which could weigh on AUD if his tone is overly dovish when discussing monetary policy.

Also likely to cause movement of the pairing is the Bank of England’s (BoE) interest rate decision and meeting minutes.


Key Events

17th June

n/a       GBP Inflation Report Hearings

18th June

02:30   AUD House Price Index (Q1)

02:30   AUD RBA Meeting Minutes

19th June

09:30   GBP Retail Price Index

09:30   GBP Consumer Price Index

09:30   GBP Producer Price Index

20th June

02:15   AUD RBA Governor Lowe Speech

12:00   GBP BoE Interest Rate Decision

12:00   GBP BoE Minutes


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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

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