GBP/AUD rates spiked up during Friday morning’s trading and at time of were putting pressure back on 1.80, which seems to be a level the AUD has found support around. The AUD had made gains earlier this week following positive economic data from China and it seemed as though a move back towards 1.75 could be on the cards. However, yesterday’s UK unemployment figures came in much better than expected and halted the AUD in its tracks, before a decisive move back up to the current levels.
With the Reserve Bank of Australia (RBA) still keen to see the AUD weaken off further to help boost exports, it could be argued that the AUD could fall further against the major currencies in the short-term. However, if the demand in China starts to increase for Australia’s raw materials and their economic data continues to improve, it may be that the AUD will find further market support.
If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our rates to your current provider, then please feel free to contact me directly at firstname.lastname@example.org. Alternatively, you can call one of our experienced brokers on 0044 1494 787 478.