GBPAUD rates have been incredibly volatile this last week, especially with the movement seen over the last 48 hour. Rates reached a fresh 8 year high on bad China data weakening the AUD, then however the unemployment data in Australia strengthened it once more. So we saw rates move by over 2% so an extra $9,000 + on a £200,000 transfer when timed right.
Generally saying China data has really helped AUD buyers as their data continues to show a contraction. Meaning any of you with AUD to buy should also be watching data from the Peoples Bank of China. Their next release is over the weekend so I personally am of a view that we will see rates higher on Monday compared to today. Longer term I can see this level trending up once more and see 2.20 as an achievable target for September as a trading level, perhaps more.
Longer term towards the end of the month, watch out for the US interest rate decision. As the largest economy globally expect this to have an impact on market risk and therefore prices within the market.
For a full breakdown on levels, range limits, live prices and forecasts please contact myself directly Steve Eakins at www.currencies.co.uk