The Australian Dollar (AUD) lost momentum midweek against the British Pound (GBP) dropping from 0.5180 (1.9300) to 0.5120 (1.9530) as “risk on” turned. RBA Minutes highlighted board members considered raising rates but decided that a steady as she goes approach would work best to balance inflation and economic risks. UK Manufacturing and Services sectors both showed improvements this week with Services up at 53.3 from 52.5 while manufacturing improved to 52.5 from 51.1. The Bank of England (BoE) should pause interest rates in September after cutting on the 1st of August. A weekly close around 0.5090 (1.9650) is predicted.
The current interbank midrate is: AUDGBP 0.5122 GBPAUD 1.9523
The interbank range this week has been: AUDGBP 0.5119- 0.5188 GBPAUD 1.9274- 1.9534