Australian Data Overnight GBP AUD Exchange rate information
The AUD has been given support overnight as private sector credit came out better than expected. This is a good indicator of the strength of the private sector and therefore business activity in the economy moving forward. As most readers will be aware the Australian Economy has prospered in the last 2 years as the rest of the developed world has floundered as a result of the credit crunch. Subsequently the AUD has gone from strength to strength gaining 38% from 2008 highs against sterling.
For anyone looking to buy AUD the outlook is ominous. With government spending cuts and austerity measures set to be announced int he UK on 20th October, coupled with a significant chance of further quantitative easing, the pound could weaken even more. If we then see GBP weakness and AUD strength 1.50 trading levels look like they may be a reality before the end of the year.
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