Sterling vs Australian exchange rates moved by 3% during the course of this week as the UK started the week off very strong.
Indeed, levels got close to hitting 2 to 1 on Tuesday but since the announcement of the positive unemployment data in Australia this saw the Aussie recover vs the Pound.
Also, Bank of England governor Mark Carney’s speech late in the week stopped Sterling from gaining against a variety of difference currencies as if the Pound is too strong it means it is less attractive to trade with the UK for its goods and services.
The US economy has suggested that there is scope for an interest rate increase by June which has led to Dollar strength and a little more risk appetite for holding commodity based currencies such as the Australian Dollar which is another reason for the recent strength down under.
On Tuesday the RBA minutes are due out which could lead to further volatility for Sterling vs the Australian Dollar.
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