GBP/AUD rates have dropped again during Wednesday’s trading, following the release of the latest UK unemployment figures and BoE minutes. UK unemployment figures came out worse than expected and caused the Pound’s value to drop once again.
Sterling had seen it’s potion slide against the AUD since the start of the trading week and with the latest Reserve Bank of Australia (RBA) bulletin being released overnight and then RBA governor Glenn Stevens speech overnight on Thursday, it is likely we will see further market volatility before the trading week is out.
GBP/AUD rates have dipped towards 1.92 and if this momentum continues it is likely pressure could be put on the 1.90 resistance level before long. However, due to the volatile nature of the currency pair, it is not unusual to see aggressive swings in a very short space of time and this is also not the first time the AUD has threatened to realign itself over recent weeks. Personally I feel there is still more chance we will see the pair move back toward 2, than trade under 1.90 for any sustained period.
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