There is little data coming out of consequence form Australia this week, so focus will be UK data releases. Today at 09.30 we will see UK public sector net borrowing. I would expect to see an increase and Sterling to fall in value. Thursday at 09.30 we have UK GDP figures which is a key barometer as to the health of an economy. I think businesses are holding back on making larger deals at present due to the uncertainty surrounding the EU referendum and due to this we will again see a decline in the figures which will in turn weaken the pound. Early Friday at 00.05 we have UK GFK consumer confidence, apologies for my pessimism but again I think there will be a decline.
Despite my views on these data releases I feel they will not be the key factors in buoyancy levels for GBP/AUD. It is important to note that the Reserve Bank of Australia have indicated their intention to weaken AUD in order to make exports seem more appealing. Although a rate drop on 7th June maybe slightly premature I believe another rate drop will be on the cards. The EU referendum is dictating the strength of the pound at present, current polls suggest the remain camp slightly in front which is why we have seen Sterling rally of late.
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