‘The Cable’ Extension
As widely expected, the Reserve Bank of Australia left its interest rate unchanged at 2.50%.
The Australian officials repeated that the Aussie remains at historical highs, which is unfavourable for economic boost. GBP recovered some of last month’s losses versus AUD to just below the 1.8200 mark.
Released yesterday, US composite PMI advanced. More PMI figures are due across the Eurozone and UK today.
GBP/USD, aka The Cable, extends gains to 1.6920 (at the time of writing). GBP is gaining ground ahead of the key services PMI in the UK economy (being released as you read). Market consensus expects the indicator to come in at 57.6 in April, matching the previous reading.
Looking ahead of the week, the major movers could be the BoE MPC meeting and the equivalent from the ECB on Thursday lunchtime.
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