FX News

AUD/GBP Transfer:

UK CPI is on the rise again back to 10.1% in September after dipping briefly to 9.9% in August. The largest contribution to rising costs was in food -namely oils, fats and dairy products. Also rising energy costs fuelled by the cost of the Russia-Ukraine war and the Bank of England’s loose monetary policy. The British Pound (GBP) dipped to 0.5660 (1.7670) to end the week after Liz Truss’s six-week chaotic reign came to an end. Markets keenly await the new PM Sunak’s economic strategy, the Pound feeling better about recent events trading back to 0.5580 (1.7920) into Thursday. Earlier Australian CPI was a huge miss rising to 1.8% q/q and 7.3% y/y up from 6.1% raising questions of bigger forecasts to rate hikes needed from the RBA.

Current Level: 0.5581 (1.7917)
Resistance: 0.5620 (1.8460)
Support: 0.5420 (1.7800)
Last Weeks Range: 0.5495-0.5659 (1.7668-1.8197)

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