GBP/AUD rates continue to float just below 1.80 on the exchange, with the AUD finding support around the current levels. Many investors will now be hoping to achieve 1.80 as a trade level and with key economic data releases this week, I believe we will see fluctuation on the currency pair. The key date will be the release of Wednesday’s Bank of England (BoE) minutes and monetary policy decisions. These minutes give us a key insight into the BoE’s most recent meeting and will divulge whether any of its members voted for a change in interest rates or monetary injections. Any indication that a rate hike could be on the cards is likely to give the Pound a boost and this would almost certainly push GBP/AUD exchange rates through 1.80. We also have CPI data for Australia out overnight on Wednesday and any deviation from the expected results is likely to cause additional market volatility.
The AUD has struggled to make any sustained gains against GBP over the past few weeks, although with China’s economy showing signs of improvement an increased demand for Australia’s raw materials is likely to help the AUD’s cause in the longer-term.
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