The Sterling Australian Dollar rate has hit 1.4915 today with the next resistance level set at 1.50 which a lot of people have been waiting for during the past few weeks. The FOMC based in the US meets tomorrow to discuss monetray policy and if analysts are to be believed it is unlikely that further stimulus will be required which could see GBPAUD rates improve. Also, Australian home loans due out tomorrow are expected to show a decline so we could see the resistance level of 1.50 being triggered. One issue is that limit orders will be hit at these levels so the rates are only likely to be round for the short term before they drop back to 1.40s again.
Australian Dollar has also weakened following Chinese reports of a Februrayr trade drop shortfall of US31.5bn the largest deficit in over 20 years. If you have an Australian Dollar curreny requirement and would like more information please drop me an email Tom Holian [email protected]