![]() Should the data print in line with forecasts, reporting a 0.3% expansion in October’s consumer activity, the Pound may garner some much-needed support. Looking ahead, the release of the UK’s latest retail sales data may drive GBP volatility on Friday. Pound Australian Dollar Exchange Rate Forecast: Retail Sales to Boost GBP This fall in inflation seals the deal on a December interest rate hold.’Ĭooling inflation and recently dovish commentary from BoE officials leaves investors and economists alike anticipating looser monetary policy in the coming months. Suren Thiru, the Economics Director at the Institute of Chartered Accountants in England and Wales commented: ‘Although subsequent declines will be more modest, the drag on demand from a softening jobs market and high interest rates may mean that inflation falls back to the Bank of England’s 2% target more quickly than they currently expect. ![]() The Pound continued to struggle against its stronger peers throughout Thursday’s session as speculation that the central bank has reached the end of its tightening cycle continued to dampen investor interest. While both headline and core inflation edged lower than expected, the Pound stumbled amid pared back Bank of England (BoE) interest rate hike bets. The Pound (GBP) slumped on Thursday amid a lack of fresh UK data, though managed to firm against its weaker peers.Ī light day of UK reports left Sterling vulnerable to this week’s latest inflation readings. Without any upbeat data to cushion AUD’s losses, the ‘Aussie’ declined further as the session drew to a close. Continued contractions in the Chinese property sector serve to pressure the Australian Dollar, due to its position as a proxy currency for the Chinese economy. Bjorn Jarvis, the Head of Labour Statistics at the Australian Bureau of Statistics, analysed the data: ‘Looking over the past two months, these increases equate to average employment growth of around 31,000 people a month, which is slightly lower than the average growth of 35,000 people a month since October 2022.’Īmid muddied employment readings, the trajectory of the Australian labour market appeared unclear today, leaving AUD to slump as the session progressed.įurther undermining the ‘Aussie’ throughout Thursday was the release of China’s latest house price index. Unemployment rose to 3.7% in October, despite 55,000 new jobs also being added.Īdditionally, full time employment in Australia was reported to have risen by 17,000 last month, significantly rising from September’s data. ![]() The Australian Dollar (AUD) faced heavy selling pressure on Thursday following the release of the latest jobs data.ĪUD initially fluctuated amid conflicting reports. The Pound Australian Dollar (GBP/AUD) exchange rate strengthened on Thursday following weak Australian data releases.Īt the time of writing the GBP/AUD exchange rate was trading at AU$1.9209, up approximately 0.5% from Monday’s opening rate.Īustralian Dollar (AUD) Slumps on Mixed Employment Data GBP/AUD Exchange Rate Climbs on Mixed Australian Labour Data ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |