GBP/AUD rates continue to slide, moving away from the high’s we were were witnessing only a few weeks ago. With exchange rates dropping below 1.83 during Tuesday’s trading, the key question now is whether this is a temporary realignment or the start of a positive on-going trend for the AUD. The AUD has suffered more than most of the other major currencies over recent months and one of the main factors behind this was the on-going market concern regarding any further interest rate cuts by the RBA. This concern has now been alleviated following recent comments by an RBA spokesman who confirmed that they would not be cutting their base rate again in the foreseeable future. This news seems to have brought some stability to GBP/AUD exchange rates and I do feel the AUD is now better protected than it has been for some time.
BoE governor Mark Carney will be talking later today and this could be a key market mover. We also have UK unemployment figures and the BoE minutes out tomorrow, which are also key data releases. Any deviation from the anticipated results is likely to mean additional volatility on GBP/AUD exchange rates.
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