The Australian Dollar has been going up against the Pound almost in a straight line over the past three weeks, as positive news on the Dollar is met by the opposite for the UK Pound Sterling.
On Friday, the worst construction data for two years in the UK economy was released to show the sector had contracted by more than 4.3% in a single month. As such Sterling weakness from this dismal snapshot of British performance caused GBP/AUD to fall down to 2.08 from initial highs of 2.11 that morning.
The next major event which may affect GBP/AUD rates further will be the Deputy Governor of the Reserve Bank of Australia Philip Lowe’s speech on Monday night UK time.
The recent string of speeches by himself and his superior Glenn Stevens have regularly caused Australian Dollar strength in the past month as they seek to assuage fears about the Chinese slowdown on the Australian economy. Pointing out that the increasingly positive releases of data concerning the Australian economy prove that Australia is geared to weather any storm, prolonged or short.
With some glimpses of rising prices on the commodities market, with oil prices up 5% in the past few weeks and iron ore following a similar suit, their positive tones have a lot more weight behind them. I would not be surprised to see further falls on GBP/AUD which will create tempting opportunities for AUD sellers who have regularly seen rates move against them since the start of the year.
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