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GBP/AUD Exchange Rate Soars to a Four-Month High – is a Brexit Deal Within Reach?

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.

 

Key Events

23rd September

11:00 GBP CBI Industrial Orders (Sep)

24th September

09:30 GBP Public Sector Borrowing (Aug)

10:55 AUD RBA Lowe Speech

25th September

09:30 GBP Mortgage Approvals (Aug)

11:00 GBP CBI Distributive Trades (Sep)

 

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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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