The English Pound (GBP) staged a massive recovery last week coming from 0.6300 (1.5890) to close around 0.5760 (1.7370) as the carnage continued. Confusion around govt politics with the government set to tax high income earners was abolished. Truss saying, she was “absolutely committed”. She was undone by finance minister Kwarteng when he announced they were not proceeding saying- “we get it and we listened”. The GBP rose sharply after the news was confirmed. Today’s RBA rate announcement is our focus with another rise to 2.85% predicted. Usually this would bring buyers back into the AUD, but we are not so sure today.
Current Level: 0.5740 (1.7421)
Resistance: 0.6060 (1.7780)
Support: 0.5625 (1.6500)
Last Weeks Range: 0.5727-0.6306 (1.5856-1.7460)