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GBP/AUD Slips from Highs on Brexit Uncertainty

Last week’s high: AU$1.7988

Last week’s low: AU$1.7493

Fluctuating Risk-Sentiment Limits Australian Dollar Strength

The Pound to Australian Dollar exchange rate did advance last week, but its gains were limited by market uncertainty about the second phase of Brexit negotiations and potential delays to trade talks.

The first phase of talks finally reached a conclusion last week, but the exit deal failed to lend Sterling much support.

However, the ‘Aussie’ also struggled as Australia’s Q3 Gross Domestic Product (GDP) results fell short of expectations, as did Australia’s October trade balance figure.

As iron ore is Australia’s most lucrative commodity, demand for the Australian Dollar has also been mixed due to recent volatility in iron ore prices.

AUD Outlook: Australian Job Data Ahead .

Tuesday will see the publication of Britain’s November Consumer Price Index (CPI) results. UK inflation is forecast to have remained at 3% but if it comes in lower than that the Pound could drop as markets will expect the Bank of England (BoE) to be more dovish going forward. The BoE will deliver its December policy decision on Thursday, and the EU Summit talks place over Thursday and Friday.

Australia is set to publish some key data too. Westpac’s December consumer confidence survey will come in on Wednesday, followed by highly anticipated Australian job market data on Thursday.

Key Events

12th December

09:30 UK Inflation Rate

13th December

Australian Westpac Consumer Confidence

09:30 UK Job Market Report

14th December

00:30 Australian Job Market Report

09:30 UK Retail Sales

12:00 Bank of England Policy Decision

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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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