During the last few days we have seen a huge improvement for GBPAUD exchange rates following the release of much worse than expected data from China.
Both Chinese imports and exports both dropped and the Trade Balance fell from an expected $45bn to just $3bn.
Indeed, all the commodity based currencies which includes the Australian Dollar fell against the Pound.
This morning the Chinese released both GDP figures and Retail Sales which also saw a fall and has led to Australian Dollar weakness.
Tomorrow’s data down under will come in the form of employment data for March so any change could see further volatility for GBPAUD exchange rates.
We end the week turning the focus back to what is happening in the UK with unemployment data which if it comes in line with the expected 5.6% I think we could end the week on a high for Sterling vs Australian Dollar.
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