The Australian Dollar (AUD) bounced back hard from 0.5030 (1.9880) midweek to trade into Friday around 0.5110 (1.9580) post the announcement of the UK Budget. Chansellor Reeves investment plans started a sell off in UK Bonds and improved the Aussie back to the weekly open. Earlier, Wednesday’s Australian CPI y/y release also bought buyers back into the AUD when the report showed a drop from 3.8% to 2.8% in the third quarter print the lowest figure since Q1 2021. Attention now lies with next week’s Bank of England (BoE) cash rate release.
The current interbank midrate is: AUDGBP 0.5100 GBPAUD 1.9607
The interbank range this week has been: AUDGBP 0.5029- 0.5109 GBPAUD 1.9572- 1.9884