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GBP/AUD Strikes New Five-Month High as UK Retail Sales Return to Growth

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.

Key Events

21st November

01:30 AU RBA Meeting Minutes

10:30 UK Public Sector Borrowing Oct

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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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