Recently the GBP/AUD rates have been fluctuating between 1.78-1.83, a trend that has run for the past 8 weeks with nether currency looking to push forward.
For me I still feel with the likelihood of the UK raising interest rates before the RBA, we are likely to see the pound push towards the top of this range and beyond. Historically levels are still very low for buying AUD and still to me shows some good value for anyone selling the Aussie. Should we see any dips towards the 1.80 level and you are selling then I would look to this as an opportunity, for anyone buying I am confident more value will be seen in the coming weeks and months.
Looking ahead and the RBA will be holding their latest interest rate meeting and statement early on Tuesday morning. Recently the RBA has been giving some mixed signals regarding how comfortable they are with the value of the dollar and for this reason it is difficult to predict what governor Glenn Stevens will say.
For me I believe they are still uncomfortable with how strong the Aussie is and they are likely to refrain from raising interest rates anytime soon as a result.
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