GBPAUD has continued to rise today on the back of some positive news for the Labour market in the UK. More people working, less people claiming benefits and a higher chance of wages rising have all helped investor confidence in the pound. Contrast this with a Eurozone crumbling and worries down under as to just when the next interest rate hike will be.
The Australian dollar has weakened on the back of indications the RBA (Reserve Bank of Australia) will cut further in the future their base interest rate. The RBA has been targetting a weaker AUD for many months to help their exports and it would appear this will continue in the future.
I think if you need to sell AUD for the pound moving sooner is better although there will be much resistance at the higher levels. For more information or to trade please contact me Jonathan on [email protected]