The British Pound (GBP) pushed higher over the week against the Australian Dollar (AUD) to reach a fresh high of 1.8510 (0.5400) a 13-month high Friday. All recent data has been positive for the GBP from mid last week when CPI came in higher at 10.4% y/y after 9.9% was predicted. BoE’s Bailey has been on the wires warning inflation is way too high still but reassuring the public that the UK’s banking sector remains resilient. Following the surprise inflation read the central bank raised interest rates to 4.25% from 4.00% as widely predicted with expectations that they will need to continue with hiking. It’s a quiet few days ahead on the economic docket with just BoE’s Bailey speaking mid next week. Peeking at the charts we see momentum firmly with the GBP- this should continue for at least the next few days with support at 0.5230 (1.9120)
The current interbank midrate is: AUDGBP 0.5414 GBPAUD 1.8470
The interbank range this week has been: AUDGBP 0.5403- 0.5449 GBPAUD 1.8349- 1.8508