GBPAUD exchange rates have fallen overnight following the announcement made by the RBA to keep interest rates on hold.
There was various speculation that the RBA may have cut rates but this did not occur which has given the Australian Dollar some short term relief against Sterling.
This positive movement for the AUD could be short term however as it is likely that the RBA will cut rates in the next few months in an attempt to keep the Australian Dollar weak to help exports down under.
Governor Glenn Stevens has warned against the high value of the Australian Dollar saying it still remains high compared to its ‘fundamental value.’
He went on to say ‘a lower exchange rate is likely to be needed to achieve balanced growth in the economy.’
Therefore, we could expect to see Sterling move in an upwards direction longer term against the Australian Dollar.
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