The Australian Dollar (AUD) extended its climb over the week against the British Pound (GBP) initially reaching 0.5190 (1.9260) in the first wave before pushing higher to 0.5230 (1.9120) in early Friday. To be honest it’s performed very well as market sentiment drowned in a sea of geopolitical risk aversion. The only data release over the week has been Australian Retail Sales which came in hot at 0.7% compared to 0.4% forecast for August supporting the AUD. We favour a push back by the GBP with a retest to 0.5145 (1.9430) predicted.
The current interbank midrate is: AUDGBP 0.5212 GBPAUD 1.9186
The interbank range this week has been: AUDGBP 0.5157- 0.5229 GBPAUD 1.9123- 1.9390