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Success breeds success for the AUD

15th August 2012

The Australian dollar continues to go from strength to strength against sterling.

During trading last week, the AUD reached a four-month high of 1.4758 GBP as payroll data was much better than analysts predicted, with employment swelling by 14,000 and the unemployment rate dropping by 5.2 per cent in July.

The Reserve Bank of Australia held interest rates at 3.5 per cent and is not expected to cut them anytime soon.

In the UK, the Bank of England released data which saw its forecasted output shrink to almost zero and it also choose to keep interest rates flat, but at a record low of 0.5 per cent.

With the recent developments in forex trading, the Aussie dollar has been handed the AAA rating something which further increases the attraction of Australia's foreign investment potential and subsequently will further strengthen the currency in the future.

The AUD to GBP exchange rate is currently at 1.4910.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.