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GBP/AUD Exchange Rate Slumps to Four-Month Low as Risk-On Mood Prevails

Last week’s high: AU$1.8414

Last week’s low: AU$1.8067

Australian Dollar Boosted by Trade Optimism

The Pound fell heavily against the Australian Dollar last week, as hopes of a trade truce between the US and China saw investors willing to make some bullish bets on AUD.

The ‘Aussie’ was also supported by comments from the Reserve Bank of Australia’s (RBA) Philip Lowe who questioned the effectiveness of additional rate cuts.

Meanwhile, Sterling remained in the doldrums last week as continued political uncertainty and some worrying retail data weighed on sentiment.

AUD Outlook: Dovish RBA to Weaken the ‘Aussie’?

Looking to the week ahead, the spotlight is likely to be on the RBA’s latest rate decision.

The RBA cut interest rates to a record low last month, but there is speculation that a second cut could be on the cards.

If the RBA does indeed cut borrowing costs the Australian Dollar could tumble.

Key Events

1st July

09:30 UK Manufacturing PMI (Jun)

09:30 UK Mortgage Approvals (May)

2nd July

05:30 AU RBA Rate Decision

09:30 UK Construction PMI (Jun)

3rd July

02:30 AU Trade Balance (May)

09:30 UK Services PMI (Jun)

4th July

02:30 AU Retail Sales (May)

5th July

08:30 UK Halifax House Price Index (Jun)

 

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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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