Yesterday’s high: AU$1.7402
Yesterday’s low: AU$1.7314
Pound Bolstered by Retail Data
The Pound advanced by around half a cent against the Australian Dollar on Thursday as the pairing was buoyed by a rebound in UK retail sales in October.
Data published by the ONS showed that sales growth climbed to 0.1% last month after falling to -0.6% in September, helping to alleviate fears that surging inflation would hamper consumer spending in the fourth quarter.
The jump in retail sales also took some of the wind out the ‘Aussie’ yesterday as the currency’s gains from Australia’s upbeat labour report were cut short.
AUD Outlook: Mounting Brexit Concerns to Weaken Sterling?
Looking ahead, the Pound may relinquish some of it recent gains over the next few days as a lull in domestic data turns market attention back towards Brexit amid concerns that negotiations may not be progressing fast enough for trade talks to begin next month.
Meanwhile the Australian Dollar may struggle to advance due to sliding iron ore prices, with the commodity unlikely to see much in the way of gains for the next few months as demand is crippled by steel production cuts in China.
01:30 AU RBA Meeting Minutes
10:30 UK Public Sector Borrowing Oct
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