The Australian Dollar has been a strong contender in most of its exchange rate pairings of late, owing to the continued weakness of the US Dollar.
The Pound, however, has been an even more attractive option to investors, having made gains against all of its competitors in the wake of a radical shift in the EU Referendum campaign.
The Australian Dollar has managed to make a number of gains against its peers recently, although the ‘Aussie’ has understandably slipped against the dominant Pound.
In the case of the Australian currency, gains have primarily been brought about by the fact that confidence in the US Dollar has plunged due to fears about what ‘Brexit’ could do to trade between the US and the UK.
In terms of domestic data, Australia has also benefited from a recent ANZ and University of Queensland report, which has forecasted that the previous falling share of labour in the health, professional services and education areas may be due to reverse due to above-average growth in these areas.
The report held a sting in the tail, however, as the tourism sector was not expected to react accordingly to the currently high labour demand.
The Pound has risen notably against its peers of late, having accomplished a near-universal bull run against the usual competition.
The source of this high level of support for Sterling has been recently released polling data for the EU Referendum, which put the ‘In’ vote as more likely or at least equal to a ‘Brexit’ outcome at the start of the week.
Campaigning for the Referendum itself had previously been put on hold, following the killing of Labour MP Jo Cox on Thursday.
Since campaigning has started up again, particular attention has been paid to a Q&A session undertaken by the Prime Minister, David Cameron. The PM called for unity among voters to stay in the UK, stating:
‘If we choose to leave, we can leave but let’s be clear if we do leave [that] we are walking out the door, we are quitting, we are giving up’.
The near-future will bring the announcement of Australia’s Roy Morgan weekly consumer confidence index for June, in addition to the Reserve Bank of Australia (RBA) meeting minutes for the same month.
Out around the same time will be the Q1 house price indices; a rise is forecast on the quarter but a drop on the year.
Looking further ahead, the last major UK ecostats before the Referendum will be announced in the evening, in the form of the May governmental borrowing results.
The actual outcome is not expected to generate much movement for the Pound, especially when compared to the much more impactful Referendum debate and its potential outcomes.
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate has been trending in the region of 0.5107 and the Pound Sterling to Australian Dollar (GBP/AUD) exchange rate has been trending in the region of 1.9587 recently.
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