The Australian Dollar (AUD) is setting up for the lowest weekly close against the British Pound (GBP) since August 2023 with price continuing to slip to 0.5040 (1.9840). Less than impressive UK Manufacturing and a slide in the Lloyds business barometer haven’t had much impact with overpowering sentiment towards risk off, a lot of this stemming from the upcoming US elections. Today’s Aussie CPI y/y should highlight drops in many consumer products with expectations the figure should fall to 2.9% from June quarters 3.8%. The Aussie may continue to weaken towards next week’s RBA.
Current Level: 0.5039
Support: 0.5000
Resistance: 0.5080
Last week’s range: 0.5090- 0.5165