GBP/AUD rate shave spiked up during Friday’s trading, with the Pound gaining almost 3 cents at today’s high. The recent volatility on the pair looks set to continue after the AUD made strides yesterday, only to see these gains quickly eliminated as we head into the weekend.
The Pound was hit yesterday following some very poor UK Retail Sales figures, which dragged Sterling’s value down throughout yesterday’s trading and it did seem as though the AUD had found some much needed respite. However, as today’s developments prove nothing is certain in the currency markets but what is of even more concern is that the AUD has lost support so quickly despite the downturn in UK data mentioned.
The markets confidence in the Australian economy is at an extreme low at present, with major concerns over economic growth in China, their largest trade partners. With Bank of England (BoE) governor Mark Carney also talking up the chance of a UK interest rate hike happening sooner than many will expect, has also helped to solidify Sterling’s position.
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