GBP/AUD rates are continuing to hold firm above 1.80 on the exchange, despite a mixed bag of data for the UK over the past week. Poor UK Retail Sales figures halted the Pound’s momentum and better than expected unemployment data also helped to boost the AUD, briefly pushing the pair back under 1.80 before a recovery for Sterling this week.
Mixed messages from Bank of England (BoE) governor Mark Carney over when UK interest rates are likely to be raised, are causing some uncertainty in the markets and this could be the reason Sterling has not pushed on towards 1.85 against the AUD. Despite this I do anticipate that UK interest rates will be raised before the Reserve Bank of Australia (RBA) shift their base rate and for this reason I believe GBP still has further scope for improvement. We also need to be aware that the RBA still feel the AUD is too strong, which in turn is having a negative impact on their export industry.
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