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GBP/AUD Strikes New Six-Month High Following US Dollar Weakness

Friday’s high: AU$1.7567

Friday’s low: AU$1.7390

Brexit Concerns Cuts Pound’s Gains

The Pound climbed to a new six-month high against the Australian Dollar on Friday morning as the UK currency appeared to be the main benefactor from a sell-off of the US Dollar during the Asian session.

However Sterling struggled to hold on to these gains as the day went on as Irish Prime Minister, Leo Varadkar threatened to block progress in Brexit negotiations unless there is a written guarantee that there will be no hard border with Northern Ireland.

In the meantime, the Australian Dollar found little upward momentum at the end of last week’s session, with a lull in domestic data and subdued commodity prices leading to little in the way of gains for the ‘Aussie’.

AUD Outlook: Sterling Sentiment to be Pressured by Brexit?

Looking to the session ahead, a relatively quiet start to the week may leave the Pound exposed to further Brexit related anxiety, with recent suggestions that Brexit talks may once again be stalling likely to weigh heavily on Sterling.

Meanwhile, the Australian Dollar may tumble in the first half of the week with the release of minutes from the Reserve Bank of Australia’s (RBA) latest policy meeting later tonight, with the minutes likely to confirm the bank’s plans to leave rates on hold for the foreseeable future.

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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