Currently sterling is sitting at close to a four month high against the Aussie and pushed on this morning following a fall in the unemployment rate in Australia. Levels are now sitting at 6% a fall from the previous release of 5.9% and keeps the recent pressure firmly on the Australian Dollar.
In the last month the pound has shifted just shy of 3% against the Australian Dollar bringing some good buy opportunities. For me this trend could well continue and the recent run of poor data from Australia and will bring into focus next week’s RBA minutes scheduled for release in the early hours of Tuesday morning. With some softer trade figures from China earlier this week the Aussie could remain under pressure and it will be interesting to see the sentiment from the RBA and Governor Glenn Stevens next week.
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