The current outlook for buying Australian dollars would appear to be favourable but there is a chance there could quickly be a change in sentiment which would cause the rates to move in the other direction. I would highlight a sudden bout of bad UK economic data and continuing QE (Quantitative Easing) in the US as being a possible driver of a stronger AUD and weaker GBP.
Tomorrow we have some important UK data which is likely to move the rates on GBPAUD with UK Unemployment data and also the Bank of England Minutes. The latest data is likely to show us that the Unemployment rate has fallen and so we would expect sterling to strengthen.
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