FX News

AUD/GBP Conversion:

UK GDP for July printed at 0.2% Monday pushing up the British Pound (GBP) momentarily to 1.7030 (0.5870) against the Australian Dollar (AUD) from the opening price of 1.6925 (0.5910). This was a small miss on the 0.5% expected but nevertheless positive data. Services grew by 0.4% but “Information and Communication” was the main driver. The Truss government will be aiming to expand energy production and lift the fracking ban, meanwhile the Bank of England has pushed back their policy meeting to September 22 in light of the Queen’s passing. Aussie employment data prints Thursday and could give the AUD a nudge if a change to the workforce increases.

Current Level: 0.5885 (1.6992)
Resistance: 0.5925 (1.7140)
Support: 0.5835 (1.6879)
Last Weeks Range: 0.5837-0.5928 (1.6869-1.7132)

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