Positive risk sentiment and a hawkish RBA continue to push the Australian Dollar (AUD) off recent lows against the British Pound (GBP) Monday as it reached 0.5400 (1.8530). 10 days back the cross clocked 0.5215 (1.9180) so a reasonably big correction. UK wage growth continues to stay high, the lack of staff the big driver, suggesting the Bank of England (BoE) will hike rates further and any cuts will be later than first thought. On the calendar are Aussie job numbers Thursday with unemployment at 3.7% predicted to stand. We are expecting a little more momentum in the AUD this week.
Current Level: 0.5395 (1.8535)
Resistance: 0.5415 (1.9000)
Support: 0.5265 (1.8470)
Last Weeks Range: 0.4851-0.4903 (2.0393-2.0613)