It’s been a quiet start to the week for the AUD, following yesterday’s bank holiday in Australia.
GBP/AUD rates have remained range bound over recent days, with little market movement despite the developments in the Korean peninsula.
Almost every headline this morning relates to the historic meeting between President Donald Trump and Korean leader Kim Jong-Un.
Whilst we are still waiting for the full details of the deal that has been put in place, both Trump and Kim confirmed that they had signed a document that has committed North Korea to complete denuclearisation.
Whilst this deal has no direct impact on the Australian economy, the repercussions are likely to have ripple effects across the global economy.
The AUD has performed well of late, particularly against its GBP counterpart, finding plenty of support around the current levels. Whilst GBP/AUD are trading around 1.76 this morning the pound has not threatened to make any sustained move towards 1.80 over recent weeks.
Sterling continues to be handicapped by concerns over Brexit and with today’s House of Commons debate will be followed closely by investors, a positive resolution in the short-term seems optimistic at best.
This uncertainty is helping to support the AUD around the current levels and with yesterday’s poor UK Manufacturing data a real for cause for concern, I am not anticipating a major shift in Sterling’s favour over the coming days.
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