The dollar strength I suggested would come in my last post has arrived today. GBPAUD is back under 1.70 for the first time in nearly 3 weeks giving sellers an opportunity some thought would not come. The reason for the drive in AUD strength comes from two directions. Firstly the fact that China data has been positive over night as I had forecasted but also updated from the US and Russia with regards to the Syria situation. With Russia suggesting that Syria could put their chemical material under international control and for them to be destroyed has helped to dilute the potential military intervention. This has pushed risk appetite back up in traders and they have again started to re-buy the AUD. This additional demand has pushed the price to buy the Australian Dollar up.
So what next for the Australian Dollar?
My personal view is that we are probably going to continue to see rates move in this direction. Syria seems to be becoming less likely but on-top of the estimates I mentioned in my last post I think GBPAUD rates could stay under 1.70 for a while. Traders selling the Pound and Buying the AUD this week may want to move sooner rather than later as a result. The only potential upset for GBPAUD falls this week is the potential of the UK Unemployment figures tomorrow showing an improvement. If they do it will probably create a SPIKE meaning moving quickly will be the only way to get the best price. If you are interested in getting the best price and have funds available, feel free to register for SPIKE NOTIFICATIONS via email at [email protected]
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