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GBP/AUD Touches Weekly High as Australian Growth Underwhelms

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.

Key Events

7th September

02:30 Australian Balance of Trade

8th September

02:30 Australian Home Loans

09:30 UK Balance of Trade

09:30 UK Industrial Production and Manufacturing Production

If you need to make an AUD transfer but don’t have an account with us just click here to get started.

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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