The AUD has found some support against Sterling during Wednesday’s trading, despite on-going concerns around the global markets and President Donald Trump’s prospective trade tariffs.
GBP/AUD hit 1.8356, before the AUD fought back below 1.83 by the close of European trading.
The Pound itself has found support of late following a spike in investor confidence. This upturn in fortunes has come in line with some a strong run of UK economic data and some positive developments in Brexit talks.
The UK & EUR have agreed terms on a transitional period between the original two year timeline, which will allow for further negotiations to take place regarding the UK’s future trade relationship with our closet neighbours, amongst other key facets of the separation.
This has helped the Pound to support itself around its current levels, which could mean that the AUD will struggle to make any impact back below 1.80 over the coming days.
We also need to consider that all commodity based currencies such as the AUD have come under pressure, since President Trump’s imposed traded tariffs on China, which has started to put a strain on the global markets.
The Australian economy relies heavily on its exports to proper, so any slowdown in this sector caused by any global trade wars, is also likely to put pressure on the AUD.
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