Last week’s high: AU$1.7627
Last week’s low: AU$1.7453
GBP/AUD Exchange Rate Weakened by Persistent Brexit Fears
The Pound rose against the Australian Dollar at the start of the previous week, but was unable to maintain these gains and closed trading on Friday below its opening rate on Monday.
This deterioration was caused by recurrent fears about the Brexit process – the British Medical Association and Foreign Secretary Jeremy Hunt both warned against a no-deal Brexit.
Last week ended well for Australian Dollar traders, as Reserve Bank of Australia (RBA) Governor Philip Lowe gave a positive assessment of the Australian economy.
AUD Outlook: RBA Minutes in Focus
The Pound could lose ground to the Australian Dollar this week, as UK economic data isn’t expected to be entirely supportive.
Sterling could edge higher on Tuesday if government borrowing figures impress, but a later slowdown in industrial orders could temper any gains.
Late-week distributive trades data may be similarly disappointing if it shows a decline.
For AUD traders, this week will bring Reserve Bank of Australia (RBA) speeches and minutes.
These events could both boost Australian Dollar demand if they point to a 2019 RBA interest rate hike.
Additional midweek support could come from the AU construction activity reading, which is expected to show 1% growth.
23:00 Speech from Reserve Bank of Australia (RBA) Governor Philip Lowe
01:30 Reserve Bank of Australia (RBA) Meeting Minutes
09:30 UK Public Sector Net Borrowing
11:00 UK Confederation of British Industry (CBI) Industrial Orders
02:30 Australian Construction Output
11:00 Confederation of British Industry (CBI) Distributive Trades
If you need to make an AUD transfer but don’t have an account with us just click here to get started.