The Australian Dollar (AUD) gave back 3 weeks of gains over the week reversing off 0.5280 (1.8940) to trade back at 0.5200 (1.9220) into Friday. The Aussie has been the worst performing currency on the main board this week. The RBA minutes confirmed the central bank considered raising rates at the May 7th meeting based on inflation staying above their target range for longer. UK CPI also pushed the cross lower with CPI coming in at 2.3% y/y higher than the 2.1% expected but dipping from March’s 3.2% the lowest level since July 2021. Downward pressure on energy prices the main cause along with food. The result will put pressure on the Bank of England (BoE) to cut interest rates at their June meeting.
The current interbank midrate is: AUDGBP 0.5195 GBPAUD 1.9249
The interbank range this week has been: AUDGBP 0.5197- 0.5281 GBPAUD 1.8935- 1.9240