UK inflation remains stubbornly high with the October number coming in at 2.3% against a consensus of 2.2%. This is much higher than the September figure of 1.7% with goods prices rising again. The Bank of England (BoE) meeting in December now suggests a “pause” is on the agenda with rate cuts also in February also now in question. Not “off the table” completely but reduced. UK Retail Sales prints tonight and should reflect a poor number as growth in the sector over November slumps. On the chart price has posted 0.5175 (1.9320) a 7-week low in the cross.
The current interbank midrate is: AUDGBP 0.5170 GBPAUD 1.9342
The interbank range this week has been: AUDGBP 0.5108- 0.5178 GBPAUD 1.9311- 1.9574