GBPAUD has been on a constant slide ever since the US kept their interest rate on hold and the UK economy looked less certain than previously expected. The outlook for the currency is still uncertain but with the Chinese cutting their bas rate the Aussie has found some support causing it to spike against sterling. On balance the Chinese data still has the propensity to move the market and we could soon be seeing further moves from the Chinese government to support their economy.
On balance if you are holding Australian dollars it is quite a risky move to just keep expecting improvements – of course if the Chinese government do look at some further easing the AUD would strengthen but there are no guarantees this will happen! In short if you need to buy or sell the AUD further weakness seems the most probable although if buying Aussies with sterling beware of the pound losing value too!
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