Despite better than expected GDP figure released for Australia yesterday AUD has weakened considerably. Data from China, who are responsible for the majority of Australia’s exports continues to slow. The Australian is economy is to heavily reliant on the Chinese and it is causing serious problems.
The demand is not as high as before for Australian raw materials and weakening the currency through an interest rate drop may not be the solution.
GBP/AUD rarely stays above 2.00 for long due to profit taking, it may be wise to move quickly before the opportunity is lost. Procrastination and hanging on for the extra buck often proves costly.
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