FX News

AUD/GBP Transfer:

It’s been one way traffic this week again for the British Pound (GBP) outperforming the Australian Dollar (AUD). The pair started the week around 0.5620 (1.7800) falling into Friday to 0.5525 (1.8100). A weekly close below 0.5515 (1.8135) which isn’t far away and the cross will travel into mid 2022 levels. The RBA pushed interest rates higher Tuesday to 3.6% from 3.35% saying they were nearing the end of their tightening cycle, we are calling this a dovish hike. We may only see 1 hike at the next meeting, the Aussie was sold off post the release leveraged further lower based on equity and risk products taking hits.

The current interbank midrate is: AUDGBP 0.5536 GBPAUD 1.8063
The interbank range this week has been: AUDGBP 0.5537- 0.5628 GBPAUD 1.7766- 1.8058

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