The Pound vs the Australian Dollar has been trading either side of 1.80 on the Interbank level during the last few days.
The Australian Dollar has gained by as much as 5 cents vs the Pound which appears to have strengthened against the Pound after a combination of negative data from the UK.
The Bank of England confirmed last Thursday that they would be again keeping interest rates on hold with a 7-2 split in favour of keeping rates the same and this caused the Pound to fall against a number of different currencies.
It wasn’t just the announcement itself but also the downgrading of the recent UK’s growth forecast which caused the Pound to struggle and later on this morning we have a number of key economic indicators in the form of both Average Earnings data as well as UK unemployment levels.
Both have been very impressive in recent times and so another positive announcement could see the Pound improve against the Australian Dollar later today.
On Thursday the focus will return to the Australian jobs market with Australian unemployment data combined with the Participation rate. The expectation is for 5.5% unemployment so anything different is likely to cause a lot of movement.
Personally, I think we could see GBPAUD rates go in an upwards direction if the data from the UK is positive this morning.
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