Sterling vs the Australian Dollar exchange rates have risen by as much as 4 cents during today’s trading session hitting close to 6 year highs to buy Australian Dollars.
UK inflation data came out better than expected this morning which means an interest rate hike is now back on the agenda for the Bank of England.
Earlier this month only 1 of the 9 members voted for a rate hike with the expectation for perhaps 2 or 3 which saw Sterling fall a little but with the data this morning this could influence a change in the voting pattern in September’s meeting.
The Chinese issue from last week has also weakened the Australian Dollar and I would not be surprised to see a rate cut before Christmas in Australia.
If this does occur I expect to see Sterling go up even further against the AUD in the long term.
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