Societe Generale Research sees a scope for GBP and AUD to start bottoming over the coming weeks. 

 

"The UK political soap opera doesn't matter much for sterling unless it opens a door to easier fiscal policy (sterling-positive) and allows a more constructive approach to trade relation," SocGen notes. 

 

"But down in Australia, a 9% jump in exports took the trade surplus to a new record, of A$16bn. AUD follows equities, and risk sentiment, far more than mundane drivers like Australia's economy, but when equity markets find a base, the currency will find it has a lot of reasons to be stronger," SocGen adds.