GBP/AUD hits a 6 year high above A$2
9 Jul 2015
Recently, the British pound climbed way above A$2.00 as UK employment data released last month confirmed yet another large fall in the number of unemployed.
In addition to this, the UK’s jobless rate remained unchanged at just 5.5%, its lowest level since 2008. Further signs of improving labour market conditions were confirmed as wages grew by 2.7% in the three months to April 2015, the fastest pace since August 2011.
The Australian economy remains in need of a helping hand. Reserve Bank of Australia Governor Glenn Stevens has long expressed concern about the Aussie dollar being too strong based on economic fundamentals and with further interest rate cuts not ruled out, the currency has floundered.
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