The British Pound (GBP) extended moves higher against the Australian Dollar (AUD) over the week to reach 1.9215 (0.5205) in early morning trade. The RBA Hiked their interest rate from 4.10% to 4.35% Tuesday but this weirdly had the opposite effect on the AUD sending the currency lower. Usually, such data as an interest rate hike boosts the currency in question but on this occasion market reactions to sell the Aussie has been strange. The AUD made a very brief snap higher but was soon back at 0.5220 (1.9150) post the release. A retest of the prior low at 0.5180 (1.9300) looks our preferred move over the next few days.
The current interbank midrate is: AUDGBP 0.5207 GBPAUD 1.9204
The interbank range this week has been: AUDGBP 0.5204- 0.5270 GBPAUD 1.8974- 1.9214