The AUD has tumbled against the GBP for the whole of 2024, falling from highs of 0.5350 in January, to trade around today’s 0.5125. Interest rate differentials drive this price action and the Bank of England appear committed to their tight monetary policy. The UK is in recession but has green-shoots of growth, allowing some leeway for the Bank of England. The AUD has been undermined by less certainty from the Central Bank. Growth and inflation remain key to both currencies, so data will be watched closely in the coming week.
Current Level: 0.5165
Support: 0.5100
Resistance: 0.5190
Last week’s range: 0.5110- 0.5165