FX News

AUD to GBP Conversion:

The Australian Dollar (AUD), English Pound (GBP) has remained within recent ranges this week with a slight bias in the GBP to 0.5630 (1.7765) Friday. The Aussie hasn’t been particularly supported with the RMB breaking lower on economic worry. UK PMI print for May confirmed the economy looks sluggish with concerns over rising inflation and consumer demand. Fears of a recession remain high with predictions the economy could be in the red as early as 2023. The Bank of England expects to hike rates 5 times over the remainder of 2022 but could bring this into 4 if things don’t improve. A move lower to 0.5600 (1.7860) could signal further downside in the pair.

The current interbank midrate is: AUDGBP 0.5627 GBPAUD 1.7771
The interbank range this week has been: AUDGBP 0.5617- 0.5686 GBPAUD 1.7586- 1.7801

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