The Australian Dollar (AUD) bounced off 0.4850 (2.0630) mid last week, the yearly low to claw back losses Monday to trade back around 0.4920 (2.0330) this morning against the British Pound (GBP). UK growth dipped into contraction territory while both Industrial Production and Manufacturing printed soft. Meanwhile markets look towards the Bank of England (BoE) policy announcement Friday with no change from the 4.5% cash rate predicted. We expect a dovish hold.
Current Level: 0.4913
Support: 0.4850
Resistance: 0.4945
Last week’s range: 0.4848- 0.4906