Risk off Monday markets saw the British Pound (GBP) rise against the Australian Dollar (AUD) to post 0.5000 (2.0000) very briefly before falling back through Tuesday to 0.5110 (1.9580) towards the RBA rate release. The central bank left rates unchanged at 4.35% as widely predicted, Governor Lowe more hawkish than expected saying there was no rate cut on the table in the near future with the economy running hot. This helped support the Aussie dollar to reach a 3-week high of 0.5170 (1.9340) into Friday. We may see the AUD retest 0.5230 (1.9130) over the next week.
The current interbank midrate is: AUDGBP 0.5168 GBPAUD 1.9349
The interbank range this week has been: AUDGBP 0.4990- 0.5178 GBPAUD 1.9311- 2.0039