GBP/AUD rates have moved back towards a 6 year high, following the latest Reserve Bank of Australia (RBA) minutes. These minutes give investors as essential insight into the relative health of an economy, whilst providing indications of future growth and policies. The RBA has long been committed to devaluing the AUD, for fear of alienating their trade partners. The AUD had become overvalued during the global crisis and with a slowdown in China’s demand for Australia’s vast supply of raw materials, the RBA had to look at ways to extend these trader arms, whilst making Australia’s goods and services more accessible to the global markets.
Moving forward I do feel the AUD is likely to find support around the current levels, as it often has done in the past. I would be tempted to take advantage of trades around 2 on the exchange and some of the best exchange rates seen in the past 6 years.
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