The Australian dollar is experiencing some difficulty as the market values swing back in the favour of the Pound. We have seen a 2 cent movement ever 2-3 weeks over the last 6 weeks not as the appetite for the AUD changes. Events that drive this include economic data from the UK, Australia, China and the US. Plus overall risk appetite from traders change the demand for the high interest bearing currency and therefore its price.
Currently it is not in favour as tensions in Eastern Europe continue and China signs a deal with Russia for Gas worth estimated over $400 billion. As a result the Australian Dollar has become cheaper to buy. Today there is more good data due for the Pound meaning we may get slightly more through this morning but I don’t think by much. My view is that buyers should take these gains as we have probably reached close to the top of this yo-yo affect. Next week I expect rates to fall as demand returns.
Of cause this situation could change and what I can promise is that this rate will remain volatile. As a result having an account with ourselves can help if you are trading the GBPAUD currency pair. Here we offer a pro-active service helping our clients time trade with Spike Notifications, Rate Alerts and forecasts so our clients can make an educated decision which helps save them thousands.
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