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The Pound Australian Dollar (GBP/AUD) exchange rate is on the back foot this morning as AUD investors were relieved by the Reserve Bank of Australia’s (RBA) decision to keep rates on hold this month.

At the time of writing the GBP/AUD exchange rate is down around 0.4% this month, leaving the pairing trading at around AU$1.8658.

The Australian Dollar (AUD) strengthened during the Asian session on Tuesday, rising against the Pound (GBP) and the majority of its other peers in the wake of the RBA’s latest rate decision.

Ahead of the meeting markets had priced in a roughly 50% chance that the bank could cut rates this month, leading the ‘Aussie’ to tick higher as AUD investors unravelled their positions after the RBA voted to leave interest rates on hold again in May.

However, whilst the RBA may have kept rates on hold this month, the bank made it clear that a potential rate cut remains on the table this year, especially as slack in the labour market remains a concern.

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