Sterling once again has been on the back foot against the Australian Dollar this week following the RBA minutes released on Tuesday. In the minutes the bank cited the improved sentiment in Australia and noted the economy is starting to improve.
For me, with the continuing prospect of interest rates rising in the UK (highlighted by yesterday’s Bank of England minutes in which 2 members of the monetary policy committee voted for an interest rate hike) I believe the pound will again find support against the Aussie and would suggest that the current levels (best sell prices in 4 months) represent good value for anyone selling the Australian Dollar.
Looking at the rest of the week and it is a quiet few days for the AUD but look out for the UK’s retail sales figures at 09:30 this morning. Forecast to show a good figure but down on the previous month could mean the pound has a tough time this morning as well.
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