GBP/AUD Rates Rise Despite Poor UK Data (Matthew Vassallo)

AUDGBP Slumps Despite a Surge in Employment

The AUD has found find life tough going of late and once again we saw a major dip, with GBP/AUD rates spiking by over 2 cents overnight and touching 2.15 at the high. This move came following inflation data in Australia that came in worse than expected and it’s
likely this will ensure GBP/AUD rates remain above 2.10 over the coming days.

It’s interesting to note that despite yesterday’s poor UK data the Pound still managed to gain so much support and that market confidence in the Australian economy and ultimately the AUD remains extremely low. As regular readers will know the AUD has been fighting against a wall of negativity surrounding not only the Australian economy but also that of its largest trade partner China. However, despite this downturn the Reserve Bank of Australia (RBA) are happy to see the AUD lose value, in order to boost their flagging export industry.

Looking ahead and there is some import/export figures, which are always key due to Australia’s reliance on this sector of their economy, so keep an eye out for further volatility on AUD rates tomorrow.

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