The Australian dollar has been clawing back some of the losses seen late 2016 against the US dollar and Sterling this week. Australian economic data has been limited however the US meeting minutes showed the central bank are concerned about the the potential changes in policy when President-Elect Donald Trump enters the White House.
It seems that speculators have sold off US dollars and flocked to the Australian dollar as interest rates in Australian remain high at 1.5%.
Economic data is thin for the Australian dollar next week however the key economic release to keep your eyes on is Retail Sales numbers released in the early hours of Tuesday morning.
Another reason for the fall in GBPAUD exchange rates comes from the upcoming Supreme Court decision. Jitters are running through the UK in anticipation the Supreme Court could overturn the High Court and therefore an exit from the single market could materialise as early as March this year.
If an overturn occurs I wouldn’t be surprised to see GBPAUD fall back to levels we become accustom to in October. However my personal opinion is that the Supreme Court will confirm UK Prime Minister Theresa May needs Parliamentary approval before she invokes Article50.
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