The Great British Pound was the best performing major currency overnight with the U.K's local currency boosted to the tune of 1-1.5% thanks to a CPI figure which beat estimates by around 0.2%. The latest figure also clocked the fastest pace of CPI growth since October 2013. The booming CPI figures we're seeing out of the U.K are likely a direct result of the 0.25% rate cut and 60B GBP increase in QE we saw last year from the Bank of England immediately following the Brexit win.
The Aussie dollar fell a whopping 1.5% vs. the Pound to be trading back below 0.62, while we're also lower against all of our other major trading partners, including the U.S, Europe and Japan.
No data is released tonight, however a poor showing for U.S equities, commodities and our local currency overnight suggest the ASX could be down by as much as 1% on the open.
DATA RELEASES TODAY:
AUD EXCHANGE RATES:
AUD/USD – 0.7647
AUD/GBP – 0.6119
AUD/EUR – 0.7071
AUD/NZD – 1.0882
AUD/JPY – 85.464
***Above rates are indicative wholesale rates and intended as a guide only***
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