FX News

AUD/GBP Conversion:

The British Pound (GBP) extended last week’s gains to 1.7700 (0.5650) against the Australian Dollar (AUD) midweek before the Aussie fought back post the RBA cash rate announcement. The Reserve bank of Australia slowed the pace of their tightening policy by raising their interest rate 25 points to 2.6%, surprising economists after expectations of a 50-point rise was the favoured option. The RBA has pared back their peak to 2.85% and will hike just one more time most likely on the 1st of November. Markets were disappointed by the recent Truss speech which came up short on details of how she was going to generate growth. Looking ahead we have monthly UK GDP Wednesday expected to come in at 0.2%.

The current interbank midrate is: AUDGBP 0.5744 GBPAUD 1.7409
The interbank range this week has been: AUDGBP 0.5647- 0.5800 GBPAUD 1.7240- 1.7707

Previous ArticleNext Article