The downward trend for the Pound to Australian Dollar looks likely to continue as the Australian economy is continuing to go from strength to strength.
Against many other major currencies the Pound hasn’t fared badly so far in 2017, for example the Pound last week hit its highest level against the Euro so far in 2017.
The Pound’s performance against the Australian Dollar on the other hand has been disappointing as it’s lost almost 5% since the beginning of the year. I personally put this down to Australian Dollar strength as the currency has been boosted by rising commodity prices as well as a strong economy.
In the early hours of this morning the health of Australia’s economy was once again underlined as the Australian Bureau of Statistics reported that GDP for the 4th quarter grew at 2.4%, and this figure was above the expectation of 1.9% analysts were expecting to see.
The GBP/AUD pair has been range bound between 1.60 and 1.70 for a while now but in recent weeks the pair have remained closer to the closer end of that trend, and I do think that if Brexit jitters in the UK increase and the Aussie economy remains on track I can see the pair fall below 1.60.
There has also been some better than expected data out of China in recent weeks which has boosted the Aussie due to the close business relationship between China and Australia.
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