Following the pounds losses earlier this week (due to Sundays poll suggesting the ‘yes’ vote was taking the lead in the Scottish referendum) the pound has rebounded five cents or nearly 3% since Monday. The move came about as the latest opinion poll puts the ‘no’ vote at 53% – for me the vote is likely to be a no and it is this that I believe will lend more support to sterling and push levels back though the 1.80 level. For this reasons should you be selling AUD then current rates should still look like an opportunity.
Overnight the Australian unemployment data fell to 6.1% from 6.4% but did little to affect the AUD exchange rate suggesting the current market is dominated by the movement of sterling. This volatility is set to continue for the next week until the vote passes on the 18th.
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