It’s been a volatile few days for GBP/AUD rates, with the Pound gaining value for much of this period. GBP/AUD rates moved back above 1.90 following the Reserve Bank of Australia’s comments regarding another possible interest rate cut and the RBA’s commitment to lowering the AUD’s value in order to enhance their exports.
With a slowdown in China’s economy negatively affecting the Australian economy due to their heavy trade links and the very realistic prospect of the RBA cutting interest rates again early next year, we could find GBP/AUD rates heading 1.95 before long. A word of caution however, as this is not the first time GBP has threatened to break the current levels and each time it has put pressure on it the AUD has found support and realigned back towards 1.85.
The Pound meanwhile has been boosted by the Bank of England’s decision to raise growth forecasts for the UK economy for 2015 and beyond and this mornings better than expected Retail Sales figures have only enhanced this positive sentiment.
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