Big market mover likely to be UK GDP data Thursday.

AUD GBP Lower After Dismal Employment Report

Sterling has continued its recent merry-go-round against the Aussie with the last months range sitting at 1.6170 – 1.6850. Just when the market trends look like a significant shift against the Aussie and a breach of 1.70, the Australian Dollar fights back, however if revised UK GDP data Thursday (09:30 BST) is as expected (forecast to be revised up from 0.3% – 0.6%) then this could be the impetus the pound needs to break through the 1.67/68 barrier and push on towards the 1.70 level. We also have UK house price data tomorrow morning, again expected to show an improvement which could give
the pound another boost. For me should you buying the Aussie then I would hold off for now as I feel there will be more value in the coming weeks.

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