Pound to Australian Dollar rates are sitting more comfortably in the mid 1.60’s now after repeatedly being close to knocking on the door below 1.60.
The key turnaround point has been in the global appetite to risk recently. Escalating tensions between the US and North Korea and the US and the Syrian conflict is not only driving up the price of gold. Currency markets also reflect the landscape.
Riskier currencies – those not in as high a circulation, and tied to more volatile markets such as commodities – tend to get hit heaviest in these situations.
Last week some strong Australian employment data (a bit of an understatement, they added 9 times as many jobs to the economy than expected) reversed this trend somewhat, but the Pound is already beginning to regain some of its lost ground.
With the North Koreans attempting another nuclear test over the weekend, these heightened tensions are not going away. However some Chinese data coming out over the next few days should continue to highlight some of the positive features of Australia’s trading relationship with China, and therefore bolster the AUD in the short-term.
As such Australian Dollar sellers should see the beginning of next week as an opportunity. Waiting is, at this point, a judgement that the heightened tensions surrounding Syria and North Korea will be resolved shortly.
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