Yesterday’s high: AU$1.6387
Yesterday’s low: AU$1.6264
Australian Growth Data Underwhelms AUD Traders
An underwhelming Australian growth report weighed on Australian Dollar demand for most of Wednesday’s session, helping the GBP/AUD exchange rate advance.
Q2’s Australian Gross Domestic Product (GDP) results came in at 0.8% quarter-on-quarter and 1.8% year-on-year.
However, due to recently strong data, some analysts had predicted even stronger quarterly growth of 0.9%.
However, a burst in demand for risky currencies and a weaker US Dollar pushed GBP/AUD back down from its highs towards the end of the day.
AUD Outlook: Trade Balance Results Ahead
Before the end of the week, Australian and British trade balance results from July will be published. These could have an impact on the Pound to Australian Dollar exchange rate.
Other notable data will be published on Friday, including Australia’s July home loans results and July production reports from Britain.
Next week is likely to be another busy one for GBP/AUD traders, as UK inflation data and Australian employment results from August will be published.
02:30 Australian Balance of Trade
02:30 Australian Home Loans
09:30 UK Balance of Trade
09:30 UK Industrial Production and Manufacturing Production
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