The AUD has had a productive week against GBP, moving back towards 1.80 on the exchange. All eyes were on the release of today’s Bank of England (BoE) interest rate decision and despite interest rates being kept on hold at 0.5%, the feel good factor around the UK economic recovery is sure to help the Pound’s cause over the coming weeks. Whether we will see GBP/AUD rates back up at 1.90 I’m not so sure but even around the current levels we are seeing some excellent buying opportunities.
The AUD has been hampered over recent months by a slowdown in trade with their major partner China and a commitment by the Reserve Bank of Australia (RBA) to see the AUD lose value, in order to boost their flagging export industry. It seems as though GBP/AUD is finding support around the current level and if we are to see the Pound move back to the four year highs of earlier this year, then a further shift in market sentiment will be key.
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