The Reserve Bank of Australia releases its latest monetary policy comments and UK employment figures are also set for release.
GBPAUD – Daily Chart
Last week brought selling to GBPAUD and it could be a sign that the recent rally is exhausted. Previous resistance at 2 would be a target.
The RBA releases its meeting minutes at 9:30am HKT and traders will look for clues on the next monetary policy path for Australia. An election looms in the country and it is likely that the bank will wait for that to pass before making any monetary statements. The UK has employment data ahead at 2pm HKT with a 4.4% employment rate expected.
Australia held its cash rate at the 4.1% level recently. Australian homeowners were given a boost in February with a rate cut but governor Michele Bullock delivered a hold amid what she described as an “uncertain” outlook.
The Australian election is set for May 3 and we will likely see further patience from the bank. The central bank will probably make some comments on the tariff situation which threatens to affect the export-led economy.
The UK economy posted growth of 0.5% in February in a boost to the current government after several months of stagnation. The Office for National Statistics (ONS) noted “widespread growth” across multiple sectors in its report.
The data back in January saw an unexpected 0.1% decline and was reported before the ONS revised its estimates to a flat month, following just 0.1% in the final quarter of 2024. Economists will be keen to see continued growth in the country in the months ahead.
