GBP/AUD levels have continued to drop during Tuesday’s trading, moving the currency pair back below 1.79 on the exchange. As discussed in today’s earlier post the Pound has found life tough going today, following worse than expected UK inflation figures. This data stalled the Pound’s momentum from yesterday and the AUD benefitted from it. There was confidence in the AUD overnight following the latest Reserve Bank of Australia (RBA) minutes, which indicated that the Australian economy was seeing a steady improvement, news which should help protect the AUD from any further major losses.
I expect further volatility on the pair over the coming days, with a number of key economic data releases to note. Tomorrow see’s the release of the latest Bank of England (BoE) minutes, which give us a key insight into our central bank’s latest policy meeting. It will be interesting to see whether any of its members voted for an interest hike, considering the mixed messages BoE governor Mark Carney has delivered on the subject of late. With further AUD data out overnight on Wednesday and then UK Retail Sales figures on Thursday, expect further volatility on GBP/AUD before the end of the trading week.
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