Yesterday’s high: AU$1.6960
Yesterday’s low: AU$1.6891
UK Trade Data Disappoints but Manufacturing Output Beats expectations
The Pound trended high on Tuesday with the release of the UK’s latest economic data as, despite Britain’s trade deficit unexpectedly rising in August, surprisingly robust manufacturing production over the same period helped prevent GBP/AUD from sliding.
Sterling sentiment was also bolstered yesterday by the latest monthly forecasts from NIESR as the thinktank predicted that the UK economy will have expanded 0.4% between July and September, up from 0.3% growth in the second quarter.
Meanwhile, the Australian Dollar was able to recoup some ground overnight as Australia’s consumer confidence beat expectations, with the survey showing that the number of optimists outnumbered pessimists for the first time in nearly a year.
AUD Outlook: Progress to be made in Brexit Talks?
As investors await a speech by Bank of England’s Andy Haldane on Thursday, focus is likely to be placed on the fifth round of Brexit talks taking place this week, with the Pound likely to tumble if EU officials signal that progress still isn’t being made on the UK’s exit agreement.
Meanwhile, the Australian Dollar may come under further pressure today if commodity prices continue to tumble as the recent sell off in Chinese commodity futures suggests that both iron ore and coking coal could be in for a rough week.
01:30 AU Home Loans Aug
14:00 UK BOE Haldane Speech
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