The GBP/AUD rate has seen some much needed movement through the course of the week as the rate has moved between 1.8030 and 1.7745 at mid-market.
Tuesday gave us the NIESR GDP estimate coming in as expected at 0.9%; the reason why we saw the rate back down into the 1.77’s was due to Australian Dollar strength on Thursday in the form after the better than expected Unemployment figures. Unemployment was 0.2% better than expected with 18,100 more people in jobs for the month of March.
If the positive data continues we could see the GBP/AUD rate move down even further but this will just depend on how well the Pound performs over the coming months.
If you are looking to buy or sell Australian Dollars over the coming months it is important to weigh up your options and understand the different types of contract at your disposal. In the space of a year the rate has moved from 1.48 (May 2013), to 1.92 (January 2014) to where we are now at 1.7809 at the time of writing.
If you have a specific rate you are trying to target click on the open an account link above to start making to start making the most out of your currency.
Looking into next week we should see some movement through Tuesday as we have CPI out of the UK. A lower reading could be negative for the UK economy so there is potential for us to see the GBP/AUD rate move through resistance levels towards 1.75.