The British Pound (GBP) made a valiant effort to pull back from recent losses Wednesday, posting 0.5540 (1.8060) before Aussie buyers stepped in extending moves to a fresh high of 0.5615 (1.7805) early Friday. Reduces panic around the Russia Ukraine crisis rallied risk currencies overnight with RBA governor Lowe coming out with hawkish comments assisting. UK is said to phase out purchases of Russian Oil imports by the end of this year and is also considering banning natural gas as well as it disciplines Russia over the invasion of Ukraine. This equates to around 4% of UK imports. With Oil prices expected to rise in the region to over $240.00 per barrel this will have a massive economic shock on UK citizens with petrol prices already over GBP 1.80 per litre. Looking ahead we have Aussie employment figures next week and Bank of England rate and statement.
The current interbank midrate is: AUDGBP 0.5616 GBPAUD 1.7806
The interbank range this week has been: AUDGBP 0.5532- 0.5637 GBPAUD 1.7739- 1.8074