GBP/AUD rates slipped below 1.84 on the exchange during Thursday’s trading, before a slight realignment. The AUD has made inroads against Sterling recently, moving away from the four year low. Despite this positive move I do not anticipate GBP/AUD rates falling below 1.80 unless there is a major shift in market sentiment, as the RBA are still keen to see the AUD lose further market value, with the hope that this will boost their flagging export industry.
Australian employment figures were released overnight and came in much better than expected, which gave the AUD a lift. However, it wasn’t all good news as data showed the price of Copper, which is often used as a benchmark as to future fortunes in China, had fallen to a four year low. This is likely to have a negative impact on the AUD, so today’s spike may not last for long.
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