GBP/AUD Rates Drop During Tuesday Trading (Matthew Vassallo)

AUDGBP Seeks a Catalyst to Extend Recent Rebound

GBP/AUD rates have dropped during Tuesday’s trading, following worse than expected UK economic data this morning. Industrial and Manufacturing Production data came out below market expectation and this caused the Pound to fall against most of the major currencies. GBP/AUD dipped below 1.82 at the low, although has recovered above this level by close of European trading.

Key data for the rest of this week includes Australian consumer confidence figures, which are release overnight and unemployment data out overnight on Thursday. The latest unemployment figures are expected to get worse and if this prediction is accurate, we could see GBP/AUD rates move back above 1.83 on the exchange. On the UK’s side all eyes on the Bank of England’s (BoE), which are released on Thursday. Although interest rates are expected to remain unchanged at 0.5%, any mention of prospective hike is likely to benefit the Pound.

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