The GBP AUD levels have again impressed but seem to be heading back to the more ‘normal’ levels of 2.0. We’ve seen rates spike up as high as 2.05 (a 6 year high) which represents the market at it’s most extreme. Major Aussie commodity exports have struggled (especially Iron Ore) and tied with more interest rate cut fears, see the AUD weaken to new lows. Tie that in with periods of extreme GBP strength, primarily from a positive move from the Bank of England and the market reacts to its limit.
I personally feel that rates will relocate under the 2.0 level again as the currency will become overbought. I’d therefore be looking to BUY AUD as soon as possible, and look to target 2.0 (or 0.50p) if SELLING AUD.
If you have an exchange requirement, please feel free to get in touch. Either email me AJB@currencies.co.uk or from 08:30 tomorrow morning I’m reachable on 01494 787 478 (please quote this blog)
Have a good evening!