Sterling has fallen nearly 0.5% against the Aussie this morning but has gained 0.4% against the Euro. Market movements have been pretty varied for the Aussie in the last week with the high low spread for GBP/AUD being over 2.2% and AUD/EUR 2.65% – currently for buyers of the Aussie we are at the lower end of the scale and I see this an opportunity should you be selling dollars as the general feeling in the market is that the Australian dollar is likely to remain weaker in the long run. Reasons for this are expectations of future interest rate cuts in Australia to help curb the Aussies strength to improve the position of the Australian export market. With falling commodity prices and falling growth prospects from China the mining sector within Australia has come under a little pressure and to help aid other areas of the economy such as tourism the central bank is likely to cut rates to help reduce the value of the dollar making it less expensive to purchase products in Australia. I can see a move back towards 1.58 GBP/AUD and 1.27/28 AUD/EUR.
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