GBP/AUD exchange rates have dipped during Wednesday morning’s trading, with the pair now floating around 1.84. A recent slowdown in China’s economic growth was of concern for the Australian economy, as China are their largest trade partners. The Australian economy is heavily reliant on its export industry so if this slows, the economy will suffer as a result.
However, today’s move has seen the AUD gain value against GBP. The reasoning for this could be attributed to Consumer Confidence figures released overnight in Australia, which came in better than previous. We also to consider this morning Bank of England (BoE) minutes which indicated that there is now a 9-0 vote against a hike in UK interest rates and this is likely to have dampened investor expectation and caused the Pound to drop.
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