With no domestic data of any significance released last week the Aussie was mainly driven by the sell off of the US Dollar and a surge in commodity prices, with the AUD especially benefitting from recoveries made in Copper and Gold.
We also saw the release of the minutes of the last RBA meeting further increasing the expectations that we will see interest rate cuts over the coming months but scaling down the chance of a 50 basis point cut with most analysts now predicting a cut of 25bp in September.

The Pound however did suffer from weak data releases while the Aussie was benefitting from the rise in commodities and even with the expected cuts from the RBA, we still expect the GBP/AUD cross to remain trading between 2.02 and 2.16 for the foreseeable future as we should start to see monetary easing from the Bank of England at some point in the next two quarters.