GBP/USD and AUD/USD make gains
The dollar has weakened against sterling and its Australian counterpart, as traders in the former ready for the UK Spring Statement tomorrow.
GBP/USD
Sterling remains quiet ahead of the chancellor’s Spring Statement to Parliament tomorrow, which itself is preceded by the latest UK inflation reading.
While the GBP/USD pair has dropped back from the $1.30 highs seen last week, selling has paused around $1.29. A move back above $1.2950 may help to spark fresh buying to push the price to a new higher high.
AUD/USD
AUD/USD has formed a low at $0.6260, where it found support in mid-March. This puts in a position to target the recent highs near $0.64 and maintains the gentle uptrend from the lows seen in early February. A reversal back below $0.6250 would open the way to a test of the $0.62 low from the beginning of March.
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