Weekly Forecast for Pound Australian Dollar Exchange Rate (GBP/AUD)

Modified: Friday, 20 September 2013 15:08 BST - Written by James Fuller

STORY LINK Weekly Forecast for Pound Australian Dollar Exchange Rate (GBP/AUD)

The Pound Australian Dollar exchange rate (GBP/AUD) is currently trading up by 0.08% at 1.6992 GBP/AUD. The Australian Dollar Pound exchange rate is currently trading at 0.5885 AUD/GBP.

The AUSTRALIAN DOLLAR has put in another positive weekly performance following a change in tone from the Reserve Bank of Australia in its latest minutes, published in the early hours of Tuesday morning. The Australian central bank’s rhetoric suggested that a hike in interest rates was a possibility in the medium term and the Aussie gained ground as a result.

However, the memos of the RBA’s September meeting also noted that further interest rate cuts remained a distinct possibility.

The Australian unit received a sizeable shot in the arm when the US Federal Reserve announced on Wednesday evening that it will be maintaining the monthly $85bn which it is pumping into the global economy via its Quantitative Easing programme. The development triggered sustained support for high-yielding export-driven currencies including the Aussie.

Providing economic data from the US, and in particular labour market figures, remain relatively soft, then the Fed is likely to persevere with its QE programme and the Aussie will remain well-bid. For this reason, the forecast for the Aussie is NEUTRAL TO POSITIVE.

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