GBPAUD exchange rates have had an interesting week with quite a lot of movement for the currency pair.
This week’s data releases included UK GDP figures which came out at 3.2% showing good growth for the UK and this saw the Pound shoot up against the Australian Dollar. However, yesterday’s ECB decision to introduce another round of Quantitative Easing has seen a sell off for Sterling which saw GBPAUD rates fall.
Today US Non-Farm Payroll data has come in much better than expected which has seen US Dollar strength and a sell off for riskier currencies including the Australian Dollar. Therefore, GBPAUD rates have gone above 1.84 again and personally I think this rally will continue into next week.
Tuesday sees the release of the next Australian interest rate decision and I think we could see further Australian Dollar weakness in the run up to the announcement.
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