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US Dollar Movements Drive AUD Trading

Yesterday’s high: AU$1.7555

Yesterday’s low: AU$1.7450

GBP/AUD Trends in Narrow Range

Yesterday saw the Pound fluctuate against the Australian Dollar, with Sterling ultimately making a minor advance.

There was little high-impact news from the UK; the only notable announcement concerned government plans for its industrial strategy.

In order to strengthen the UK economy before the UK exits the EU, the government revealed that it would focus on automation, clean energy and logistics, among other areas.

Despite no major Australian data coming out yesterday, the Australian Dollar still kept the Pound in check because of improved risk sentiment.

Speculation about the Fed’s plans for interest rates in 2018 left the US Dollar weaker, bolstering higher-risk currencies in the process.

AUD Outlook: BoE Announcement Could Weaken GBP/AUD

The Pound may be moved by a Bank of England (BoE) announcement this week, due on Wednesday morning.

The BoE will be publishing its consumer credit update for October, which looks at the amount borrowed across the country.

If the figure rises unexpectedly then the Pound could drop amid concerns about uncontrolled borrowing in the UK.

The week’s first significant Australian data is some way off, Thursday night’s manufacturing index for November.

This indicates manufacturing output during the month and is tipped to show a rise from 51.1 points to 54.

Such movement could bolster Australian Dollar exchange rates.

Key Events

29th November

09:30 UK Bank of England (BoE) Consumer Credit Report

30th November

00:05 UK GfK Consumer Confidence

22:30 AU AIG Manufacturing Index

1st December

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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