The Australian Dollar (AUD) pushed past the 50-day moving average mid last week signalling it could extend higher against the British Pound (GBP). Posting up 0.5195 (1.9250) a fresh 4 week high the AUD did well to hold around here before falling back after the RBA Financial Stability Review published bringing back some weakness to 0.5160 (1.9370). This week’s action has been slow with moves pivoting around 0.5175 (1.9320) leading up to today’s CPI y/y release. Forecast is for a rise from 3.4% to 3.5% and more talk around “higher for longer” expected.
The current interbank midrate is: AUDGBP 0.5174 GBPAUD 1.9327
The interbank range this week has been: AUDGBP 0.5167- 0.5187 GBPAUD 1.9276- 1.9353