Australian Dollar Under Pressure against Sterling (Tom Holian)

Australian Dollar Forecast – Unemployment Weighs on Sentiment

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.

If you are making a currency transfer and would like to save money on exchange rates compared to using your bank then contact me directly Tom Holian teh@currencies.co.uk