GBP AUD has had a busy days trading today, with a 2 cent difference between high and low. The Pound had started at what has seemed to be its natural level – the 1.90s. However poorer than expected construction and production data weakened the Pound. Figures released this morning showed growth at the slowest rate since mid-2013, including a surprise reduction from the Civil Engineering sector. This helped to fuel rumours that the Bank of England will not be looking to increase the base rate of interest on Thursday.
This period in the 1.80s I feel should be taken advantage of by Australian Dollar sellers, as AUD is definitely the weaker currency of the pairing. I feel that GBP AUD will tip the 2.0 level within quarter 1 of 2015, possibly even in January if the Reserve Bank of Australia cuts their interest rate.
If you have an Australian Dollar exchange, buying or selling, please feel free to contact me direct to the trading floor 01494 787 478 / AJB@currencies.co.uk
I look forward to hearing from you…