GBP has rallied once again against the AUD during Friday’s trading, with rates moving up through 1.87 on the exchange. Sterling is continuing to find market support, despite some mixed data for the UK this week. UK Gross Domestic Product (GDP) figures were released on Wednesday and came out slightly worse than expected. Despite some early loses, Sterling recovered against the major currencies and we are now trading close to a four year high on GBP/AUD, providing some excellent buying opportunities.
The AUD has been handicapped over recent months following poor growth forecasts and rising unemployment in the Australian economy. There has also been a slowdown in China’s demand for their raw materials and with Australia so reliant on their own affluent export industry to support a growing economy; this news has negatively impacted the AUD. With further talk recently regarding a slowdown in China’s economic growth, we may find the AUD will continue to be hampered over the coming weeks.
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