The Australian Dollar has continued to strengthen against the pound with rates dropping as low as 1.8305. This is a big difference compared to when GBP/AUD was hovering over 1.90. The strength of the AUD today was due to employment figures coming in considerably better than expected which has given the currency a further boost.
There were however some data releases which should have caused the Aussie to weaken. Australian home sales came in worse than expected and a consumer confidence survey saw the weakest reading in 10 months. It goes to show how the employment figures drive the currency markets a lot more.
Looking forward I still feel that there will be an upward trend for sterling against the Aussie Dollar. If we look at events in China (Australia’s biggest trading partner) copper has fallen to the lowest price for around 4 years. Copper is often used a benchmark for China’s fortunes so this low price could add to woes for the AUD in the future. Having said this with the currency markets anything can occur and although I feel the Aussie will weaken it would not surprise me if GBP/AUD to tip below 1.80 at one stage.
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