FX News

AUD/GBP Conversion:

Coronavirus concerns in China, a drop in the value of key resources such as iron ore and recession worries have all added to falls in the Australian Dollar (AUD) over the past couple of weeks. Iron ore has depreciated more than 20% since the start of June as recession concerns and inflation continue to rise. The Aussie was pushed lower early in the week to 0.5650 (1.7700) before recovering to 0.5685 (1.7590) into Thursday as markets await Australian Jobs data publishing this afternoon. Yield differentials between the two currencies remain reasonably similar for now, maintaining the long-term sideways channel. Looking ahead we have UK CPI data Wednesday which could surprise to the upside well beyond 9.1% which stands as the highest level since May 1982.

The current interbank midrate is: AUDGBP 0.5684 GBPAUD 1.7593
The interbank range this week has been: AUDGBP 0.5652- 0.5710 GBPAUD 1.7510- 1.7692

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