Last week’s high: AU$1.7839
Last week’s low: AU$1.7363
GBP/AUD Rate Tumbled on Brexit Trade Timeline
The Pound fell sharply against the Australian Dollar last week, despite an apparent Brexit breakthrough.
At an EU summit, EU leaders finally approved the UK moving onto ‘phase two’ of Brexit discussions, which covers a transitional deal and post-Brexit trade.
Problematically, however, it was estimated that the UK won’t actually start discussing trade until March 2018.
The Australian Dollar, meanwhile, was supported by a much better-than-expected rise in employed persons.
AUD Outlook: Quiet Week of Trading Ahead
The last week before Christmas isn’t expected to bring much exciting data, so background Brexit updates could be the overriding influence on the Pound.
That being said, disappointing UK GDP readings on Friday might lower confidence in GBP.
Australia’s main contribution will be Reserve Bank of Australia (RBA) meeting minutes, out on Tuesday.
If the RBA minutes are hawkish in tone, the Australian Dollar could rally.
00:30 Reserve Bank of Australia Rate Meeting Minutes
09:30 UK Public Sector Net Borrowing
09:30 UK Q3 Finalised GDP
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