FX News

AUD/GBP Transfer

The Australian Dollar (AUD) extended higher over the week against a struggling English Pound (GBP) with price reaching 0.5195 (1.9245) into Friday. The Pound weighed down by softer industrial production, and dovish employment data. The UK economy shrank in July with figures confirming the economy is cooling as the tightening of monetary policy takes effect. GDP Fell -0.5% compared to the previous month after forecasts were for a -0.2% drop. Next week the Bank of England (BoE) will raise hike rates from 5.25% to 5.50%, we expect the GBP to push higher leading up to the release.

The current interbank midrate is: AUDGBP 0.5186 GBPAUD 1.9282

The interbank range this week has been: AUDGBP 0.5110- 0.5196 GBPAUD 1.9245- 1.9569

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