Where Next for GBP/AUD Exchange Rates? (Matthew Vassallo)

Australian Dollar Forecast Set for Bleak End to 2020

With on-going concerns surrounding the growth prospects for the Australian economy and an improvement in UK economic conditions, we can start to see why the Pound has moved to some of the best levels of the past four years. There is no reason to think this trend won’t continue, at least in the short-tem, as UK data has improved sufficiently to support the Pound’s rise. The Reserve Bank of Australia (RBA) seemed unconcerned by the recent loses for the AUD and their hope is that a weakened AUD will help to boost their flagging export industry. Australia’s economy has been supported over the past decade by a booming mining sector and China’s demand for their raw materials. However, this trend has started to reverse over the past six months, due to a slowdown in China’s economic growth and a weak global export market.

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