The Pound to Australian Dollar exchange rate reached a high of 1.7392 on Thursday, May 4. The last time this level was attained was back in September 19, 2016.
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It has been a good month-to-date for the Euro which currently holds the crown of the second-best performing currency in the G10 complex.
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The Australian Dollar changed little after the Reserve Bank of Australia (RBA) rate meeting but it did mark a highpoint for the currency from which it spent the rest of the day falling.
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Price growth extends and we see no reason to suspect it will not continue as there are no bearish indicators on the chart.
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Analysts are anticipating the Australian Dollar’s poor run to extend into the month of May based on current momentum, market positioning and seasonal factors.
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The British Pound is tipped to extend its ongoing advance against the Australian Dollar by a noted foreign exchange technical analyst.
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The Australian Dollar lost over 0.80% versus the US Dollar after the release of inflation data showed price growth undershot analyst’s expectations in Q1.
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