GBP/AUD reaches a five month high

Sterling rallied overnight to reach a five month high against the Australian Dollar creating some good buying opportunities.

Sterling had a poor day yesterday against a number of major currencies following weaker than forecast inflation data, however it was too see a significant recovery against the AUD as the dollar weakened following weaker than expected wage figures. Average earnings in Australia only rose 0.5% in September, disappointing investors who had hoped for a figure of 0.7%

This yo yo effect for the GBP/AUD is continuing and again these levels may not hang around for long. In the last 6 weeks we have seen the pound range anywhere between 1.66 and 1.7370 – a difference of 4.5%. Fortunately for buyers we are at the top end of this market, so maybe a time to cash in?

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