Sterling vs the Australian Dollar exchange rates have been trading in a rather thin range recently with the Pound struggling to make any gains vs the AUD owing to the uncertainty surrounding what will happen when Article 50 is triggered. The expectation is still that it will happen this month but as yet no formal date has been announced.
In the meantime the Reserve Bank of Australia has once again confirmed that it will be holding interest rates at the same level of 1.5% rather than potentially cutting them which has been discussed recently.
The problem the RBA has though is that this could cause real concern for the already over-inflated property market and therefore one of the main reasons why interest rates have been left on hold again.
Chinese data is due to set the tone for GBPAUD exchange rates over the next couple of days with tonight’s Chinese Import & Export data followed by Trade Balance for February.
As China is Australia’s largest partner any positive or negative news will have a big impact on what happens to the value of the Australian Dollar.
On Thursday Chinese inflation data is due to come out and this will be viewed closely as again this will affect the Chinese’s appetite for trade with Australia.
We end the week for the UK publishing Trade Balance as well as Manufacturing & Industrial production data both which have been rather strong recently so this could provide the Pound with some support vs the Australian Dollar at the end of the week.
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