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GBP vs AUD currency overview for 27th March 2018The Australian Dollar has seen mixed performance so far this week, as concerns about a potential ‘trade war’ between the US and Australia have kept the currency from benefitting too much from domestic news.
On Wednesday morning, the Australian Dollar tumbled after China announced fresh tariffs on imports of US goods. As China is Australia’s biggest trade partner, trade clashes involving China have left the ‘Aussie’ looking unappealing.
Australian data has also been unable to support the ‘Aussie’ Dollar. While retail sales beat expectations, building permits fell short. Investors are anticipating further developments on trade, as well as services and trade balance data due on Thursday.
GBP vs AUD trend analysis for 1st May
Although GBP-AUD has been in an uptrend for some time, the fact that the recent trend (blue line on the chart) is now pointing downwards indicates that a trend change may be forming that is likely to send the Pound lower against the Australian Dollar.
If you want to buy Australian Dollars, it might be prudent to do so soon, as it looks your Pound will buy less Australian Dollars in the near future.
The overview update is provided by TorFX, a leading foreign exchange broker. Click here for market leading GBP/AUD exchange rates
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