GBP/AUD rates continue to remain strong, with the pair hitting 2.0452 at today’s high. The recent trend of Sterling strength has shown no signs of letting up, with the pair recently hitting a fresh 6 year high. With Australia continuing to see rising unemployment and weak growth forecasts, the AUD is swimming against a tide of negativity at present and this news is unlikely to be the catalyst for a period of sustained AUD strength. When you add to this the continued slowdown in China’s economic growth and the Reserve Bank of Australia’s (RBA) commitment to devaluing the AUD to boost exports, then it is not difficult to see why the AUD has lost over 20 cents against GBP since the turn of the year.
Whilst we continue to see trades above 2 I would be very tempted to lock in if I had an upcoming AUD purchase, as any further improvement from the current levels is gambling on the market moving up to levels we haven’t seen for the best part of 10 years. The AUD is finding support and if this continues we could see a move back towards 2 over the coming days.
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