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Uncertainty ahead for GBP/AUD

Yesterday’s high: AU$1.7519

Yesterday’s low: AU$1.7414

GBP/AUD Rate Tumbles on UK Concerns

The Pound struggled against the Australian Dollar yesterday as experts lined up to pick apart Philip Hammond’s Autumn Statement.

Among the critics were Torsten Bell of the Resolution Foundation, Paul Johnson of the IFS and OBR Chairman Robert Chote.

A recurrent message was that the UK wage squeeze could persist for years to come, having a crippling effect on the lowest earners in society.

Conversely, the Australian Dollar picked up when AMP Chief Economist Shane Oliver praised the national economy for its resilience to recessions.

AUD Outlook: Pound Remains Vulnerable before Stability Report

Next week’s first major UK news will be Tuesday’s Bank of England (BoE) financial stability report.

If this shows a cautious outlook, the GBP/AUD exchange rate could decline.

The week will also bring Australian building permit figures, which are tipped to show slower growth.

A decline in building permits would be AUD-negative, as fewer houses being built won’t help the currently overheated housing market.

Key Events

November 28th

09:30 UK Bank of England (BoE) Financial Stability Report

November 30th

00:05 UK GfK Consumer Confidence

00:30 AU Building Permits Granted

December 1st

09:30 UK Manufacturing PMI

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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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