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.
09:30 UK Industrial Production
09:30 UK Manufacturing Production
09:30 UK Construction Output
09:30 UK Trade Balance
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Senior Currency Broker
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