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John From Moneycorp

The Pound vs Australian dollar

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Hi all - latest currency review is below, thanks.

The highlight of the Aussie's week was the Australian employment data on Thursday morning. They were good numbers, with 51k people finding either full-time or part-time jobs in June. The dollar's initial reaction was to move higher but the move did not carry through. Not for the first time, investors did not entirely trust the figures, which analysts at one local bank described as "plain weird". In the end the Aussie had a slightly below-average month. It lost half a US cent, held steady against the Canadian dollar and went up by three quarters of a cent against the pound.

Sterling was hampered by politics - the government only narrowly won two votes in parliament - and by disappointing UK economic data. Wage growth slowed, inflation did not make the expected pickup and retail sales in June fell short of all but the most pessimistic forecasts.

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This week, Dominic Raab, the new Brexit minister, conceded to a parliamentary committee that he is not leading the process but merely part of the "chain of command".  Theresa May will herself take control of negotiations with Brussels. Mr Raab, somewhat unfortunately, likened the change to "shifting the Whitehall deck chairs”.  Investors seemed happy with the new situation, believing it to be more conducive to a soft Brexit.

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Some positive data released in Australia - a surge in the number of new building approvals were issued in June - this is promising as there have been fears recently over the Aussie housing market.

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