The English Pound (GBP) made ground early week to 1.9500 (0.5130) against the Australian Dollar (AUD), however the Aussie fought back hard flying into Friday around 0.5195 (1.9250) areas. The RBA held rates at 4.35% as expected, dropping the value of the AUD due to a dovish stance. UK inflation printed at 3.4% vs 3.5% y/y for March supporting theory of pending cuts in May/June from the central bank. The Bank of England held rates overnight at 5.25% with an 8-1 vote with just one member preferring to cut by 0.25%. A retest of the 0.5210 (1.9200) area could imply further upside for the AUD in the coming days.
The current interbank midrate is: AUDGBP 0.5187 GBPAUD 1.9278
The interbank range this week has been: AUDGBP 0.5126- 0.5196 GBPAUD 1.9245- 1.9506