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GBP/AUD Struggles to Recoup Last Week’s Losses

Yesterday’s high: AU$1.6506

Yesterday’s low: AU$1.6443

AUD Fluctuates on Mixed Asian Session

The Australian Dollar strengthened near the start of the Asian session last night as NAB reported that its domestic Business Confidence index surged from 9 to 12 in July, reaching its highest level since 2008 as firms become increasingly optimistic about the months ahead.

However the ‘Aussie’ was forced to cede some of its gains later in the session as China released its latest Trade Balance figures which revealed that both exports and imports fell last month, with AUD investors focusing on the fall in demand for key commodities.

Meanwhile, the Pound found only muted growth during the European session on Monday as UK housing data failed to impress investors.

AUD Outlook: Confidence Figures to Bolster Australian Dollar?

The Australian Dollar could push higher overnight on Tuesday as economists forecast that Westpac’s Consumer Confidence index will show an improvement in August, although household sentiment is still expected to remain broadly pessimistic.

Also likely to provide some lift for the ‘Aussie’ early on Wednesday is Australia’s latest home loan figures, with analysts forecasting that mortgage approvals will have risen from 1.0% to 1.5% in June.

Meanwhile the Pound may tumble towards the end of this week as the UK releases its trade balance figures, with analysts forecasting that Britain’s trade deficit will have risen again in June.

Key Events

9Th August

01:30 AU Consumer Confidence August

02:30 AU Home Loans June

10th August

09:30 UK Trade Balance June

 

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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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