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Hammond’s Comments Drive GBP/AUD Lower

Yesterday’s high: AU$1.6976

Yesterday’s low: AU$1.6915

Pound Pressured by Chancellor Comments

The Pound was left on the back foot on Wednesday as Chancellor Philip Hammond suggested that Brexit had cast a ‘cloud of uncertainty’ over the UK economy, while also revealing that the government was not currently budgeting for a ‘no deal’ situation.

However, Sterling rallied towards the end of the European session as the Australian Dollar lost ground ahead of the release of the Federal Reserve’s FOMC minutes yesterday evening.

Meanwhile, the ‘Aussie’ was also pressured on Wednesday as iron ore prices continued to slide, with prices of Australia’s largest export falling to their lowest levels in over three months.

AUD Outlook: Haldane to Hint at Rate Hike?

The Pound may extend its gains further this afternoon following a speech by Andy Haldane, with investors hoping that the Bank of England’s (BoE) Chief Economist will signal his support for a rate hike next month.

Meanwhile, the Australian Dollar may trend lower later tonight as the Reserve Bank of Australia publishes its latest Financial Stability Review, with economists forecasting that the recent decline in retail sales and concerns over household consumption may cause the bank to strike a more dovish tone in the review.

Key Events

12th October

14:00 UK BOE Haldane Speech

13th October

01:30 AU RBA Financial Stability Review

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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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