GBP/AUD‘s tight range may be broken soon with the latest employment updates from both Australia and the U.K. right around the corner.
Before moving on, ICYMI, today’s Daily U.S. Session Watchlist looked at USD/CAD ahead of the BOC monetary policy statement, so be sure to check that out to see if there is still a potential play!
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Fresh Market Headlines & Economic Data:
Upcoming Potential Catalysts on the Economic Calendar
Bank of Korea Interest Rate decision at 1:00 am GMT (July 15)
Australia Employment at 1:30 am GMT (July 15)
China GDP, Industrial Production, Retail Sales, Unemployment Rate at 2:00 am GMT (July 15)
Japan Tertiary Industry Activity at 4:30 am GMT (July 15)
UK Employment Change at 6:00 am GMT (July 15)
Italy Inflation Rate at 8:00 am GMT (July 15)
BOE Credit Conditions Survey at 8:30 am GMT (July 15)
What to Watch: GBP/AUD
On the one-hour chart above of GBP/AUD, we’re seeing a market that can’t seem to break from the 1.8500 – 1.8600 range. This behavior tends to precede break out moves, and looking at the upcoming calendar, we do have potential catalysts from both Australia and the U.K. that may make it happen.
Coming very soon, we’ve got employment updates from both countries (both near top tier events for their respective currencies), and expectations are that the Aussie’s will post a pullback in the amount of new jobs from the previous net gain of 115K jobs, while the U.K. is also expected to see a slower pace of net job adds than the previous read of 113K jobs.
If this scenario plays out, it could be a wash for GBP/AUD and likely more range bound action ahead, but if we do get a surprise read and divergence from either or both countries, that could be the fuel for a range break and short-term momentum move away from the 1.8500 – 1.8600 range.