The Pound Australian Dollar (GBP/AUD) exchange rate is trading flat, after rising 0.77% across the week so far. The pair is holding steady at 1.8257.
Australian retail sales surged 3.2% month on month in July, adding to 2.7% gains in June. Yet despite the upbeat data, clouds are gathering on the horizon. Card spending is starting to slow and rising unemployment combined with low wages will drag on consumer spending.
The Pound is resilient despite rising concerns over the health of the economic recovery. New car sales fell by 5% in August and construction PMI was also revised lower to 54.6.