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GBP/AUD Slumps Ahead of RBA Minutes

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.

Key Events

19th December

00:30 Reserve Bank of Australia Rate Meeting Minutes

21st December

09:30 UK Public Sector Net Borrowing

22nd December

09:30 UK Q3 Finalised GDP

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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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