The Pound has continued its excellent run of late vs the Australian Dollar ending the week trading in the 1.77 territory on the Interbank level.
The next target that many are hoping for is for GBPAUD exchange rates to continue to rise and hit 1.80.
We are certainly heading in that direction and with many of the commodity based currencies we have seen a lot of weakening in recent weeks.
On Tuesday, Australia announces its latest Retail Sales figures as well as Current Account Balance data.
Both have seen a slowdown recently and this is in part another reason for the weakening of the Australian Dollar.
Also out on Tuesday is the latest Reserve Bank of Australia’s interest rate decision. The likelihood is that we’ll see the interest rate kept on hold for again for another month.
The accompanying statement if it suggests that rates will be kept on hold for a long period of time could be the catalyst to send GBAUD rates in an upwards direction and this could possibly tip things again towards 1.80 on the Interbank level.
Part of the recent gains for Sterling is the increasing rumour that a divorce bill is prepared of approximately EUR50bn in order to get the next set of talks heading in the right direction. With the next EU summit due in a fortnight if the talks go well again this could help the Pound make further improvements.
However, one clear sticking point is the Irish border issue and as yet this has not been decided. Clearly both countries do not want a physical divide so if this subject does not get resolved this could cause real problems for Sterling.
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