There has been concern for the Aussie after the recent drop in Chinese growth but these are clearly being outweighed by Sterling weakness at present. The Pound has weakened due to the following factors:
- The EU referendum
- Below Par Inflation
- Poor Retail Figures
- Poor Manufacturing Data
- Rate hike now pushed back until 2017 at the earliest
The key data release this week for GBP/AUD will be UK GDP figures tomorrow at 9.30am which could well cause volatility. The question is which way is it going to go?
I think we are seeing new buoyancy levels for GBP/AUD at present and AUD buyers may have to have more realistic expectations of what they are going to achieve. 2.10 seems some distance off at moment.
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