The Australian Dollar (AUD) extended its rise against the English Pound (GBP) Monday reaching 0.5730 (1.7460) early this morning as risk markets improved. The Pound has struggled to gain any momentum since the US CPI print Friday and recent UK recession fears. We have seen selling off the back of BoE Tenreyro’s comments after he said the central bank may need to cut rates next year. Key standouts this week are UK CPI y/y and later Australian employment figures. With inflation at 10.1% and expected to tick higher to 10.7% we may see buying in the GBP.
Current Level: 0.5692 (1.7568)
Resistance: 0.5585 (1.7800)
Support: 0.5620 (1.7900)
Last Weeks Range: 0.5614-0.5694 (1.7560-1.7812)