GBPAUD looks set to consolidate after the recent selloff left the pair at oversold levels, particularly if renewed fears concerning Chinese property stocks persist.
The Pound to Australian Dollar will unlikely attain the round figure of 2.0 and can fall over the remainder of 2023, according to a new analysis from Bank of America (BofA).
The Australian Dollar extended a winning streak following the release of positive data out of China that suggests the worst of the country's economic downturn is behind us, a day after domestic job figures beat expectations.
The Australian Dollar's month-long rebound against the Pound, Euro and U.S. Dollar received a domestic boost when official data showed a sharp uplift in employment in August that puts the market on alert for another interest rate hike at the Reserve Bank of Australia (RBA).
Data from the CME Group shows asset managers have ramped up bets against the Australian Dollar as they anticipate an interest rate cut from the Reserve Bank of Australia in 2024.
Commodities, stocks and risk-sensitive currencies such as the Australian Dollar benefited at the start of a new week amidst a retreat in the Dollar and some positive data out of China.
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