The AUD has made further inroads against the other major’s in early morning trading, following the release of their latest Retail Sales figures overnight. The figures of 0.5%came in better than expected and helped continue the AUD’s run against GBP, with rates putting pressure back on the 1.82 level. This run for the AUD started following the Reserve Bank of Australia’s (RBA) comments that there would be no further interest rates cuts, which eased market concern and moved the AUD away front the recent lows against GBP.
With positive moves against both the EUR and USD as well, it may be that the AUD can start to claw back some of its recent loses. Although I don’t anticipate major GBP loses, as the Pound is now being supported by a far healthier economy, it may be that we have seen the end of Sterling’s run and we will now need a shift in market sentiment if GBP/AUD rates are going to move back towards 1.90.
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