The Australian Dollar (AUD) soured to 0.5375 (1.8600) levels early week against the British Pound (GBP) on RBA news but was unable to hold this area. The RBA surprised markets by raising their interest rate from 3.6% to 3.85% after earlier signals suggested they were finished with tightening. Demand pushed the currency back to last weeks open. Retail Sales helped also with Sales in March stronger than anticipated, the figure growing 0.4% after 0.3% was forecast. Prices Friday are back around 0.5325 (1.8780), the GBP improving on UK Manufacturing Data. Next week’s Bank of England key policy report and rate announcement will be watched closely.
The current interbank midrate is: AUDGBP 0.5323 GBPAUD 1.8786
The interbank range this week has been: AUDGBP 0.5259- 0.5375 GBPAUD 1.8603- 1.9013