The Australian Dollar (AUD) regained losses leading into the weekend with news that UK nurses had rejected the pay deal which devalued the British Pound (GBP). Prices came off 0.5350 (1.8700) with the cross closing the week around 0.5410 (1.8490) levels. UK first Quarter CPI published tonight and could give the currency a boost if figures print higher than 10.0% y/y. Forecasting is predicting a 9.8%. The Bank of England are expected to raise rates once more in May, but inflation will no doubt dictate further tightening policy. We wouldn’t discount further support for GBP to 1.9000 (0.5265) over the medium term, the May 2020 low.
Current Level: 0.5414 (1.8470)
Resistance: 0.5475 (1.8700)
Support: 0.5350 (1.8260)
Last Weeks Range: 0.5347-0.5436 (1.8395-1.8699)