GBP has spiked back up against the AUD during Wednesdays trading, with the AUD seemingly unable to break the 1.70 level with any consistency. With GBP/AUD rates now moving back towards 1.73, we are once again seeing some of the best buying opportunities of the past two years. It does seem as if the Pound is benefiting from an improving economy but do not expect Sterling to continue on this upward curve indefinitely, as the recent negative moves have shown us. Whilst the Reserve Bank of Australia (RBA) are concerned that the AUD was becoming too strong and negatively affecting their affluent export industry, the same can be applied to the Bank of England (BoE). BoE governor Mark carney has previously mentioned they do not want Sterling’s value to soar uncontrollably, for fear of alienating our own trade partners and distorting our own recovery process.
I still believe we will see GBP meet resistance around the current levels, so anyone with an AUD requirement may wish to take advantage of the recent spike.
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