With the remain ‘In’ campaign gaining momentum and US President Barack Obama in the UK at present also rallying votes for the UK to remain part of the European Union, I wouldn’t be surprised to see GBPAUD exchange rates fluctuate in the higher 1.80s until the end of the month.
Further to this Malcolm Turnbull is likely to hold an election in July and his latest budget is due in the next few weeks, which is set to weaken the Australian Dollar.
However it’s only a matter of time until the Pound weakens due to EU referendum volatility. The question is which economy is weakening more than the other? I expect rates to fluctuate in the 1.80s for the foreseeable future therefore trading on the back of spikes in your favour is a wise strategy.
Data releases to look out for this week are AUD Consumer Price Index numbers early Wednesday morning and UK GDP numbers later in the morning.
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