GBP/AUD Breaks 2.00! (Daniel Johnson)

AUD GBP Seeks Support from Australian Employment Data

Yesterday saw GBP/AUD break the 2.00 level. This was predominantly due to the the leave campaign losing ground in the EU referendum polls. Wishy-washy answers were provided as to the financial position of the UK if we leave, because as we well know it will be unknown territory. The bookies have slashed odds to 1-4 for the UK to remain in the EU.

UK employment data also came in at a record low and which was coupled by poor wage cost index figures from Australia added to Aussie woes. The Reserve Bank of Australia (RBA) have recently indicated their wish to weaken the Aussie in order to encourage exports to their main trade partner, China. We have already seen interest rates cut to 1.75% and there could be more to follow. The question is will current poor AUD performance put a halt on an interest cut?

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