Yesterday’s high: AU$1.6542
Yesterday’s low: AU$1.6402
Australian Dollar Trends Limply
The Australian Dollar saw mixed performance yesterday. While investors are finding risky currencies more appealing this week, the Australian Dollar has been unable to benefit.
This has been partially due to a recovering US Dollar and low prices of iron ore, Australia’s most lucrative commodity. Australia’s August business confidence survey from NAB disappointed too, slipping from 12 to 5.
Thanks to Tuesday’s higher than expected UK inflation results, GBP/AUD easily surged on Tuesday and hit its best levels in almost a month.
AUD Outlook: Australian Employment Data Ahead
Australian Dollar movement is likely to be influenced in the coming days by Australia’s August employment results. If employment and wage growth stats impress, it could boost hopes that the Reserve Bank of Australia (RBA) could become more optimistic about Australia’s economic outlook.
The Pound could remain sturdy until Thursday’s European session, when the Bank of England (BoE) will be holding its September monetary policy decision. If the bank takes a dovish tone despite strong UK inflation, GBP/AUD could tumble towards the end of the week.
09:30 UK Employment Report
02:30 Australian Employment Report
12:00 Bank of England Decision
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