The Australian Dollar (AUD) travelled to the bottom of the recent channel range over the week reaching a low of 0.5250 (1.9050) against the British Pound (GBP) before bouncing off Resistance to gain an edge around 0.5270 (1.8965) into Friday. We are not sure this will continue with UK elections polling in play, any certainty should send the AUD lower. At the moment the UK’s Labour party is expected to take a massive victory over the coming hours ending 14 consecutive years of Conservative leadership with around 39% of the vote compared to 22% for the Conservatives. Earlier Australian Retail Sales came in above expectations at 0.6% in May and the RBA minutes signalled they could hike interest rates at their August meeting improved the AUD.
The current interbank midrate is: AUDGBP 0.5274 GBPAUD 1.8960
The interbank range this week has been: AUDGBP 0.5249- 0.5287 GBPAUD 1.8911- 1.9051