Yesterday’s high: AU$1.6507
Yesterday’s low: AU$1.6442
GBP/AUD Wobbles on Poor UK Data
The Pound to Australian Dollar exchange rate ended the day roughly where it began, despite some early morning gains. UK data was disappointing – even improvements in industrial and manufacturing production output weren’t enough to improve the overall picture of the economy’s health.
Meanwhile, the Australian Dollar has been pressured by the latest consumer inflation expectation, with expectations of price growth over the coming years having fallen from 4.4% to 4.2%. The Pound was able to gain against the Australian Dollar this morning thanks to a cautious speech by Reserve Bank of Australia (RBA) Governor Philip Lowe, who suggested that there won’t be a change to interest rates for some time to come.
AUD Outlook: US Inflation Data Could Threaten AUD
There is no Australian data set for release today. However, high-impact US inflation data could undermine the Australian Dollar if it boosts the US Dollar, or push AUD into an advance if it shows slowing US consumer price growth. Geopolitical concerns may continue to sap global appetite for AUD.
13:30 USD Consumer Price Index (YoY) (JUL)
13:30 USD Consumer Price Index Ex Food & Energy (YoY) (JUL)
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