Moves in the British Pound (GBP), Australian Dollar (AUD) have run sideways over the week trading into Friday around the 0.5140 (1.9450) zone. The Aussie improved Thursday to 0.5165 (1.9360) after Australian Jobs data printed with the number of new employed people in July rising 58,000 compared to 20,000 we expected. Earlier UK CPI y/y was reasonably benign at 2.2% rising from first quarter’s 2.0% but slightly below forecast of 2.3%. UK Retail Sales will end the week of data in the cross with expectations of a result for July around 0.6% improving on June’s -1.2% as household consumption recovers. A retest of the weekly high at 0.5180 (1.9300) is our pick over the coming days.
The current interbank midrate is: AUDGBP 0.5142 GBPAUD 1.9447
The interbank range this week has been: AUDGBP 0.5121- 0.5176 GBPAUD 1.9318- 1.9526