Last week’s high: AU$1.8445
Last week’s low: AU$1.
Higher Brexit Tensions Caused GBP/AUD Losses
The Pound fell to a monthly low against the Australian Dollar last week, with growing fears about a no-deal Brexit result draining GBP trader confidence.
News that the government intends to prepare for a no-deal Brexit in November rattled GBP traders, which enabled an AUD/GBP exchange rate rise.
AUD Outlook: UK Budget and BoE Meeting Coming Up
This week will be a busy one for GBP and AUD traders, with major data due from the UK and Australia.
There might be immediate Pound turbulence on today’s Autumn Budget reveal; Chancellor Philip Hammond could trigger a GBP/AUD rally by unveiling ambitious spending plans.
The Australian Dollar could rise against the Pound if building permits rise as forecast, while Sterling could fall back on a worsening consumer confidence score.
Higher Australian inflation and a larger trade surplus could strengthen the Australian Dollar, with a potential UK manufacturing PMI drop opening the door to additional gains against the Pound.
Pound Sterling could close weekly trading in low spirits, if the Bank of England (BoE) policy meeting reveals a cautious outlook and the later construction PMI drops off.
16:30 UK Autumn Budget
01:30 Australian Building Permits
01:01 UK GfK Consumer Confidence
01:30 Australian Inflation Rate
01:30 Australian Trade Balance
09:30 UK Manufacturing PMI
13:00 Bank of England (BoE) Interest Rate Decision
09:30 UK Construction PMI
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