Last week’s high: AU$1.7801
Last week’s low: AU$1.7579
Sterling Rocked by Lacklustre Retail Sales
The Pound against the Australian Dollar was hit by volatility last week following some mixed domestic data.
While Sterling was able to find some fleeting gains from a stronger-than-expected inflation report, GBP fell on Friday as the UK’s retail sales missed expectations.
Meanwhile the ‘Aussie’ suffered from its own mixed batch of data last week, with Thursday’s uninspiring employment figures pressuring the currency.
Nevertheless AUD was still able to find some underlying support from a fall in the US Dollar, as it prompted markets to flock to high-yield currencies.
AUD Outlook: AUD Investors Await Wage Data
Looking ahead to the coming week the GBP/AUD exchange rate may fall on Wednesday with the publication of Australia’s latest wage price index.
Economists forecast that wage growth will have risen from 0.5% to 0.7% in the fourth quarter, something that may keep the hope alive for a rate hike later in the year.
Meanwhile the UK will release its own wage figures this week alongside the latest domestic employment figures, with sterling likely to climb if average earnings prove to have edged higher in December.
12:30 AU RBA Minutes
11:00 UK CBI Industrial Trends Feb
00:30 AU Wage Price Index
09:30 UK CBI GDP Q4
11:00 UK CBI Distributive Trends Feb
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