GBP/AUD rates have spiked during Wednesday morning’s trading, with the pair moving back through 1.84 on the exchange. It’s been a volatile few days for the currency pair, with positive moves early this week for the Pound, followed by a realignment for the AUD yesterday. Sterling benefitted from positive UK Manufacturing data on Monday, which helped push the Pound’s levels up.
The question now is whether this positive trend will continue and push GBP/AUD rates up through 1.85? Personally I still feel we will need to see a positive stance from the Bank of England (BoE) in terms of a prospective interest rate hike and we also need to consider That they will not want Sterling’s value to soar for fear of alienating our trade partners.
With a host of economic data releases for the UK tomorrow, along with Australian employment data being released overnight, we could see a defining move on GBP/AUD if data comes outside of expectations.
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