Trade 1 Short GBPAUD (-20 pips)
Commodities and their currencies appear to be out performing at the moment, I dynamic I missed yesterday and hence they are good to match against a weaker currency. The Ausie is likely to be the strongest of the commodity currencies in the short term. The British pound has risen considerably of late against just about everything, political concerns have eased a little and the UK's economic data has been better than expected. I hold the view that all of this is temporary, the UK is going to slow down significantly because of Brexit and is likely to be the worst performing econmy going forward. Todays inflation figures make things worse as they reduce the spending money avaiable to households. On a daily basis more companies reveal their plans to move some or all of their operatons into the EU and a recent survey of European manufacturers showed that most of them were looking to replace Uk supliers with EU based ones. Onshoring it is called and stands to destroy the UK economy. If the Conservative party wins the forecast landslide victory these worries are likley to gather pace.
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