Sterling has continued to perform well against the AUD, despite a positive reaction to last week’s Australian elections. Although the AUD had spiked against GBP following the announcement of a new government the feel good factor did not last long. The Pound quickly recovered following better than expected UK unemployment figures on Wednesday and this positive economic data release continued the upturn in recent UK data. There was also bad news for the Australian economy following the release of their latest unemployment figures, which showed unemployment at a four year high.
In my opinion the recent data, coupled with on-going economic problems in the Australian economy, means a move up towards 1.75 is still likely.
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