GBPAUD rate looks set to remain on the favourable side for Australian buyers as the market seeks to invest in more profitable currencies such as the US dollar. With the US dollar much stronger on the back of increased expectations they will raise their base interest rate next month, the Australian dollar has weakened as it is unlikely they will raise their rate until perhaps 2019.
This is presenting buyers of Australian dollars with pounds with a much better opportunity to purchase the currency which may quickly disappear in the coming weeks as uncertainty over the Brexit continues to hold back the pound.
Next week key economic data for Australia is the latest news from the Private Sector Credit reports. The Australian consumer has been a big driver on the Australian economy which has been going fro strength to strength in recent years. What I think is more important will be the US economic data we have next week.
Next week we have the latest US GDP data which will I am sure be very important in determining any further rates hikes and could be something to consider. The Australian economy is very much dependent on the global economy and principally the Chinese economy. Further twists and turns in the UK economy could see sterling rise against the Aussie too.
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