GBP/AUD Hits 14-Week High at AU$1.9335 on UK Political Relief

GBP/AUD advanced to a nearly 14-week high of AU$1.9335 on July 3, gaining 0.4% intraday as sterling drew support from easing UK political uncertainty following Keir Starmer’s resignation. The pair had retreated from a three-month peak of AU$1.9280 on July 1 to AU$1.9221 amid profit-taking and mixed UK GDP revisions, before recovering on improved sentiment. Weak Australian trade data, showing a 6.9% drop in exports and a widened AU$3bn deficit, added downside pressure to the AUD. Markets now await Friday’s final PMI releases and Bank of England Governor Andrew Bailey’s speech for fresh direction.