Market insights

Pound rockets against Australian Dollar - MI 050923

The RBA kept interest rates at 4.1% in the early hours. This has caused the Pound to shoot up versus the Australian Dollar. Anyone sat on the side lines waiting for some price action should be very aware of this.

Earlier in the morning the BRC released it's like for like retail sales in the UK. They reported year on year growth of 4.3%. The actual volume of sales was down, but inflation caused the spike in growth.

Besides the Australian Dollar the Pound continues to track sideways versus most other currencies. With little news out yesterday this could well continue. There is services PMI numbers out for the Eurozone and the UK so GBP/EUR could have some movement.

However eyes will be back on the Australian Dollar overnight as the Australian GDP number is reported in the early hours of Wednesday. Analysts are expecting quarter on quarter growth of 0.3%.

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Economic calendar

EUR: 09:00 HCOB Services PMI

UK: 09:30 S&P Global Services PMI

AUS: Wednesday 02:30 GDP Numbers

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