It’s been a volatile few days for GBP/AUD exchange rates, with the Pound gaining unexpected ground yesterday. The pair moved over four cents during Wednesday’s trading, with the Pound moving through 1.86 at the high. This move was for the most part attributed to a 0.7% decline in Brent oil futures, which caused a major selloff of commodity based currencies, such as the AUD.
We have seen the start of a recovery during Thursday morning trading, with better than expected Australian employment data released overnight helping to move GBP/AUD back towards 1.85 on the exchange.
With a host of key data releases for the UK alter today, including the latest Bank of England (BoE) interest rate decision and monetary policy statement. We also have the NIESR’s Gross Domestic Product (GDP) estimate and then overnight the latest Reserve Bank of Australia (RBA) monetary policy statement. All of these are considered key market movers and I anticipate further spikes on GBP/AUD throughout the day.
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