The GBP/AUD currency pair settled below recent high of 1.9123, its strongest level since April 13th, after data showed UK GDP growth had softened.
UK’s Gross Domestic Product dropped 0.1% month-on-month in April, exactly in line with market projections, after a 0.3% expansion in March.
The April Index of Services rose 0.8% on a three-month-on-three-month basis, unchanged from the 0.8% increase seen in March.
Money market pricing reflected expectations for at least a 25 basis point interest rate hike by the Bank of England in September, with a notable chance of a further increase before year-end.
At the same time, expectations for a possible RBA rate hike in August continue to support the Australian Dollar.
According to Macquarie analysts, the RBA will likely leave the official cash rate unchanged next week. However, policy makers may deliver a hawkish message that reinforces expectations for a rate hike in August.
The minor Forex pair gained 1.19% for the week.
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