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GBP/AUD Slides as Theresa May Faces Calls to Step Down

Friday’s high: AU$1.6912

Friday’s low: AU$1.6778

Pound Weakened by Political Fears

The GBP/AUD exchange rate slipped again at the end of last week as investors were unsettled by a backbench plot from Tory MP’s to oust Theresa May.

However, May rebuked the threat later on Friday, saying that she still had the full support of her cabinet, helping the Pound to recoup some of its losses by the end of the session.

Meanwhile, the Australian Dollar suffered earlier on Friday following suggestions that August’s poor retail sales report could cause the Reserve Bank of Australia to ponder a possible rate cut.

AUD Outlook: UK Trade Deficit to Grow?

The Pound is likely to tumble again on Tuesday with the release of the UK’s latest trade balance figures, with economists forecasting that Britain’s trade deficit will have grown in August.

Meanwhile, with a lull in domestic data until the middle of the week, movement in the Australian Dollar will likely be driven by iron ore markets, with a possible spike in prices as Chinese markets reopen after a week-long holiday likely to push the ‘Aussie’ higher.

Key Events

10th October

09:30 UK Trade Balance Aug

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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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