The Australian Dollar (AUD) retested the 5-week high at 0.5280 (1.8940) off the open against the British Pound (GBP) but has since surrendered giving back gains to 0.5245 (1.9070) this morning. The Pound initially coming under pressure from a dovish leaving Bank of England and softer UK PMI read. Risk off flow could see the Aussie get pushed lower this week, however Australian CPI could have the opposite effect. Markets are expecting May Inflation y/y to come in higher than the current 3.6% at 3.8%. This would be quite remarkable given the RBA are the only mainstream central bank still considering hikes.
Current Level: 1.9062
Resistance: 1.9230
Support: 1.8900
Last Weeks Range: 1.8955- 1.9236