Over the week the British Pound (GBP) has continued to give back gains against the Australian Dollar (AUD) extending last week’s run from 1.9380 (0.5160) to 1.8560 (0.5390) into early morning trade. UK inflation printed positive at 7.9% year on year in June compared to expectations of 8.2%, the largest decline in two months and the smallest level since March 2022. Aussie job’s numbers remain tight in June with the unemployment rate unmoved at 3.5%. The economy added 32,000 jobs to the workforce as the participation rate stayed at a record high 66.8%. The RBA may consider raising rates in August but would be dependent on incoming data. Certainly, the Aussie has been boosted on prospects of a higher cash rate.
The current interbank midrate is: AUDGBP 0.5263 GBPAUD 1.8996
The interbank range this week has been: AUDGBP 0.5189- 0.5305 GBPAUD 1.8848- 1.9269