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AUD/GBP Exchange Rate Forecast for October 3

AUD/GBP Exchange Rate Forecast for October 3

After falling sharply during the first half of Wednesday to a low of 0.5354 the AUD began to recover against the GBP and on Thursday was trading above the 0.5440 level.

The gains came as the AUD was supported by favourable domestic data. The country’s trade deficit contracted in August to -787 million from -1075 million. Furthermore, domestic trade is expected to rise in Australia. However, the UK’s domestic data has also been upbeat, the PMI decreased to 63.5 in September.

On Friday’ Australia’s Performance of Service Index for September will be released as well as August’s New Home Sales. The UK is due to release the Composite and Services PMI and if it rises higher than forecast then the pound is likely to gain in strength. This makes this pairing hard to predict over the next twenty-four hours, but a Call option may be a good gamble.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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