The sell-off in the Australian Dollar snowballed following yet another surprise interest rate cut at the People's Bank of China (PBoC) and a continuation of the 'carry trade' unwind centred on the Yen.
Falling industrial metal prices linked to disappointing policy developments in China are said to be weighing on the Australian Dollar.
Pound to Australian Dollar Week Ahead Forecast: Rally Strengthens on China Disappointment
- Category: AUD
Should global investor sentiment deteriorate further in the coming days, there is a good chance that GBP/AUD will make a run for 2024 highs at 1.9570.
AUD outperforms after the Australian Labour Force Survey revealed a solid increase in jobs. But Australia's biggest banks don't think this is enough to prompt a rate hike at the Reserve Bank of Australia.