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GBP/AUD Down from Best Levels

Yesterday’s high: AU$1.7532

Yesterday’s low: AU$1.7451

Sterling Unshaken by UK Budget

Despite UK Chancellor Philip Hammond announcing that £3b would be invested in Brexit preparation and contingency plans over the next two years, the Pound to Australian Dollar exchange rate continued to trend just above the week’s opening levels on Wednesday. This was partially because the Office for Budget Responsibility (OBR) had notably cut its UK growth forecasts for the coming years.

Demand for the Australian Dollar, meanwhile, was supported by greater appetite for risk-correlated currencies and Australia’s Q3 construction work report. Australian construction was forecast to come in at -2.1% but instead jumped to 15.7%.

AUD Outlook: UK Growth in Focus

After the OBR cut its UK growth forecasts on Wednesday, it’s unlikely that Thursday’s Q3 UK Gross Domestic Product (GDP) results will alter the Pound outlook notably.

If the UK growth projection remains unchanged from initial estimates, Sterling is likely to have a fairly static trading session.

As Australia’s economic calendar will be relatively quiet until next Thursday, market risk-appetite will be the biggest driver of AUD movement.

Key Events

23rd November

09:30 UK Growth Rate

09:30 UK Business Investment

24th November

09:30 UK BBA Mortgage Approvals

28th November

09:30 UK Nationwide Housing Prices

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To keep up to date with the Australian Dollar, visit the AUD blog in our Currency News section.

James Baxter

Senior Currency Broker
T: 01442 892 062

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