GBP AUD Rallies Higher to 1.82, Trade Concerns Remain
The Pound has rallied higher against the Australian Dollar with rates breaking 1.82 for the GBP AUD pair this morning. The Australian Dollar has been squeezed over ongoing trade concerns as a result of the trade wars between the US and China. It has been reported that US President Donald Trump is earmarking another $267 billion of tariffs on Chinese goods creating more uncertainty for the Australian Dollar.
Considering the volume of exports of commodities and raw materials that go to China from Australia then any slowdown in the Chinse economy but also the global economy could see additional problems for the Aussie. The recent change of Prime Minister in Australia is also not helping the Dollar.
Reserve bank of Australia Governor Michal Bullock has said that the amount of household debt down under is high and could hamper economic growth going forward.
The Bank of England meet on Thursday and any developments or change in interest rates could see the Pound react. The Central Bank are widely expected to hold interest rates at current levels this week but any improvements in the overall outlook could be seen as positive for Sterling exchange rates.
Meanwhile Brexit is the most important factor as far as GBP AUD is concerned. Clients looking to buy Australian Dollars should pay close attention to any political developments as these next few months are crucial for the future path of rates. There is a leadership challenge expected by frontrunner Boris Johnson and focus will now move to the conservative party conference. A change of Prime Minister cannot be ruled out and could see a major market reaction. A change now wouldnlt just represent a change of leader but it could also see a change in the path of Brexit.
For more information on Australian dollar exchange rates and how to make the most of any opportunities in these coming weeks and months then please get in touch with me, James at [email protected].
The post GBP AUD Rallies Higher to 1.82, Trade Concerns Remain appeared first on Pound Sterling Forecast.
Source: https://www.poundsterlingforecast.com/2018/09/gbp-aud-rallies-higher-to-1-82-trade-concerns-remain/
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