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Jul 07 - 10:55 AM

GBP: UK Political Drama Doesn't Matter Much For Sterling; AUD: Positives Creeping In - SocGen

By eFXdata  —  Jul 07 - 10:00 AM
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. 
Source:
Société Générale Research/Market Commentary

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