Australian Dollar weakness still as investors prepare for a potential rate cut in Australia – Pound gains against Australian Dollar – Rates to go above 1.70?

AUD GBP Looks to Build on Freedom Day Gains

The Australian Dollar has found another period of weakness of late following weak Chinese data once again and major speculation that we will see another rate cut over in Australia in the near future.

The Australian Dollar does tend to move in trends and at the moment the AUD has fallen out of favour with investors, losses against the Pound have not been too substantial as even with really positive growth figures Sterling has struggled against most major currencies so if the Pound can start to get back into favour then we could easily see GBP/AUD exchange rates fly through 1.70.

Today the Bank of England interest rate decsion at 12:00pm has the ability to cause quite some volatility as it is new Governor Mark Carney’s second meeting and all eyes will be on any comments from him surrounding future interest rates and QE (Quantitative Easing).

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