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GBP/AUD Fluctuates as Central Banks Discuss Monetary Policy

Last week’s high: AU$1.7830

Last week’s low: AU$1.7358

Brexit Uncertainty Rocks Sterling

The Pound experienced volatility against the Australian Dollar last week as Brexit uncertainty played havoc with the UK currency.

The heaviest blow to Sterling came right at the end of the week after the EU’s chief negotiator Michel Barnier suggested that a post-Brexit transitional deal was not a given.

This comes despite markets responding well to the Bank of England’s (BoE) latest policy meeting on Thursday following suggestions that it could speed up the pace of monetary tightening in 2018.

Meanwhile the Australian Dollar suffered its own setbacks last week at the Reserve Bank of Australia (RBA) made it clear that it was in no rush to hike interest rates, much to the dismay of investors.

AUD Outlook: Australian Labour Report Likely to Bolster the ‘Aussie’

Looking ahead to the coming week the GBP/AUD exchange rate may slide in the first half of the week following the release of the UK’s latest CPI figures, with inflation expected to have dipped in January.

However it may be Australia’s latest labour report that proves to have the biggest impact on the pairing as economists expect the jobless rate will have tumbled from 5.5% to a five-year low of 5.3%.

Key Events

13th February

00:30 AU Business Confidence Jan

09:30 UK Inflation Jan

23:30 AU Consumer Confidence Feb

15th February

00:30 AU Unemployment Rate Jan

16th February

09:30 UK Retail Sales Jan

 

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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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