Sterling Australian Dollar exchange rates have had a difficult period recently experiencing a huge amount of volatility since the problems in China.
Chinese GDP came out at its worst levels in 25 years which sent shock waves across the global economy which had a big weakening effect on the value of the Australian Dollar.
However, the ongoing fears of a Brexit and the Bank of England stating that UK interest rates are unlikely to go up for the foreseeable future has caused Sterling to fall vs the Australian Dollar over the last few days.
Coupled with the news from the UK the European Central Bank has said yesterday that it is open to more stimulus which has helped to settle the global economy and hence strengthened the Australian Dollar.
I think it will be difficult to break through the 2 barrier or 50p as this represents a huge level of resistance and would need something substantial in order for this to happen.
On Wednesday Australia releases inflation data and if better than expected could see further Australian Dollar strength.
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