FX News

AUD/GBP Transfer:

The Bank of England (BoE) is the latest central bank to hike their interest rate, this morning’s 50 point move to 2.25% marked the 7th consecutive rise. This is the highest cash rate in 14 years, however the hike was seen as less aggressive than some were predicting. Of note 3 BoE members voted for a 75-point hike and 1 for only 25 points so voting was split. Meeting their 2.0% inflation target in a way which will sustain growth and employment is key. The British Pound (GBP) weakened post release to 1.6940 (0.5905) agst the Australian Dollar (AUD) but not outside recent range bound action. The energy crisis and concerning UK economic data may lead to further downside moves in the GBP.

The current interbank midrate is: AUDGBP 0.5901 GBPAUD 1.6946
The interbank range this week has been: AUDGBP 0.5846- 0.5914 GBPAUD 1.6907- 1.7105

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