FX News

AUD/GBP Conversion:

The Australian Dollar (AUD) pushed through long range resistance last week at 0.5825 (1.7170) to post a fresh November 2017 high of 0.5875 (1.7020) at the close. Monday price extended to 0.5880 (1.7000) before the Pound recovered on risk aversion to 0.5815 (1.7200) into Tuesday. Growth in the UK fall to -0.1% in the second quarter of 2022 coming in slightly better than forecast of -0.2%. However, it’s still a negative read which puts the British economy threatening a possible recession in the coming months. Cleary growth has stagnated as the squeeze on “real” income and higher interest rates takes a toll. UK CPI is expected to release around 9.4% tomorrow, some predicting this could be much higher. Of note on the calendar we have Aussie employment Thursday with the unemployment rate expected to remain stable at 3.5%. Buying GBP still looks extremely attractive around these levels.

Current Level: 0.5820 (1.7182)
Resistance: 0.5890 (1.7800)
Support: 0.5620 (1.6970)
Last Weeks Range: 1.5721-0.5873 (1.7025-1.7479)

Previous ArticleNext Article