The Data from Australia of late has been very good with numbers from data releases like unemployment coming out much better than many analysts had anticipated. Prior to this the AUD was weakening at an alarming pace with GBP/AUD reaching over 1.90. What a big change we have seen in the space of a couple of months with the rate now at 1.79. For those of you that did not catch the rate at 1.90 and are holding out for this to come around again you may be waiting a while. Even with today’s unemployment figures for the UK coming out at 6.9% GBP/AUD has still not breached 1.80.
It seems that the RBA will not be cutting rates further which is what originally caused the devaluation in the currency in the first place. I do however think that the RBA will not want the currency to weaken any further so if you can trade above 1.80 you will be doing well.
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