Yesterday’s high: AU$1.7011
Yesterday’s low: AU$1.6930
Pound Holds Steady as Service PMI Beats Expectations
After tumbling in the first half of the week, the GBP/AUD exchange rate finally managed to stabilise yesterday following a surprise uptick in the UK’s Services PMI in September.
However Sterling still struggled to advance as the data proved to be bittersweet, with analysts fearing for the country’s future growth as the accompanying report revealed that business growth fell to a new 13-month low at the end of the third quarter.
Meanwhile, the Australian Dollar fell even further overnight following some dreadful retail sales figures, with sales unexpectedly contracting in August and being revised down in July.
AUD Outlook: Sterling to Tumble as Brexit Concerns growth?
Sterling may struggle to push higher on Thursday as a lull in notable data and growing fears surrounding Brexit likely hamper its gains.
With MEP’s recently voting to urge EU leaders not to allow Brexit talks to move to the next stage of negotiations unless there is a ‘major breakthrough’ and Theresa May’s cabinet appearing to be increasingly divided on how to proceed with Brexit, there is little to inspire confidence in investors.
Meanwhile the ‘Aussie’ may begin to trend lower overnight on Thursday as analysts forecast that the domestic construction index will have slipped in September.
23:30 AU Construction Index Sep
08:30 UK House Price Index Sep
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