Last week’s high: AU$1.8483
Last week’s low: AU$1.8060
Pound Soars on Fresh Brexit Optimism
The Pound to Australian Dollar exchange rate skyrocketed last week, jumping around three cents in response to renewed hopes for a UK-EU Brexit deal.
This was triggered by comments from EU Commission President Jean-Claude Juncker, who told Sky News that he thinks a deal is possible.
Meanwhile the ‘Aussie’ didn’t put up much of a fight last week after Australia’s August jobs report revealed domestic unemployment struck a 12-month high, stoking speculation for another rate cut from the Reserve Bank of Australia (RBA).
AUD Outlook: UK Politics and Brexit Remain in Focus
Looking to the week ahead, we can expect to see Brexit sentiment prevail as the main catalyst for movement in the GBP/EUR exchange rate.
If the headlines remain broadly upbeat the Pound could extend recent gains.
A speech by RBA Governor Philip Lowe on Tuesday could potentially dictate the direction of the Australian Dollar this week.
AUD investors will be paying close attention to the language used by Lowe as they look for any confirmation that another rate cut could be coming in October.
11:00 GBP CBI Industrial Orders (Sep)
09:30 GBP Public Sector Borrowing (Aug)
10:55 AUD RBA Lowe Speech
09:30 GBP Mortgage Approvals (Aug)
11:00 GBP CBI Distributive Trades (Sep)
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