The Reserve Bank of Australia (RBA) and the Bank of England (BoE) are both less hawkish than markets priced. Near-term risks of a test of AUD/GBP 0.5380/0.5400 but Westpac’s year-end baseline is 0.54, then 0.55 in Q1 2022.

AUD/GBP may be in for a period of consolidation

“The aussie made steep gains against sterling in October, but with both the RBA and BoE starting November with more dovish than expected decisions, AUD/GBP may be in for a period of consolidation.”

“We see near-term risks of a test of AUD/GBP 0.5380/0.5400 but our year-end baseline is 0.54, then 0.55 in Q1 2022.”

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