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UK Production Figures could bring GBP/AUD Advance

Yesterday’s high: AU$1.6348

Yesterday’s low: AU$1.6270

AU Economic Disappointment Dragged AUD/GBP Rate Down

Yesterday saw the Australian Dollar fall to 0.6132 against the Pound, owing to a trio of disappointing data releases. These started with the AiG construction index for August, which showed a slowdown in activity instead of the forecast rise. Additionally, the national trade surplus fell against estimates and retail sales were also flat in July.

Pound gains in the pairing were mainly due to AUD weakness; domestic news brought reports that around 60 pro-Brexit Tories are planning to demand a ‘Hard Brexit’ from Prime Minister Theresa May.

AUD Outlook: Neutral/Negative

The Australian Dollar might extend its losses against the Pound today, depending on how this morning’s UK production figures print. Covering manufacturing, construction and industrial output in July, projections have been mixed across the board.

If these figures show overall growth then the Pound could appreciate, as it would imply that future UK PMIs may show growth.

Key Events

8th September

09:30 UK Industrial Production

09:30 UK Manufacturing Production

09:30 UK Construction Output

09:30 UK Trade Balance

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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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