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GBP/AUD Falls After Broadbent Speech

James Baxter - Sterling Suffers After UK ElectionJames Baxter
Senior Currency Broker
T: 01442 892 062

GBP/AUD has fallen over 2 cents over the last 24 hours as the pound has lost significant ground across the board following a speech from the bank of England’s deputy governor, Ben Broadbent. Broadbent’s speech failed to shed any light on his stance on monetary policy but suggested that Brexit, specifically less trade with the EU, would have a detrimental impact on the UK economy.

As a result, the pound tumbled against most of the other major currencies yesterday afternoon. Better than expected consumer confidence figures from Australia this morning have lent the Aussie dollar support, pushing GBP/AUD down further. There are no further releases from Australia today but employment numbers and average earnings data from the UK are both likely to cause some movement in sterling pairs. At the time of writing, GBP/AUD is trading in the mid 1.67’s and AUD/EUR is sitting in the in the high 0.66’s.

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To keep up to date with the Australian dollar, visit our AUD blog section on our website here.

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James Baxter
Senior Currency Broker
T: 01442 892 062

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