GBP/AUD ↓GBP/AUDOANDA:GBPAUDkurolisuGBP/AUD is expected to move toward its 2023 average level of 1.8735. On the left axis, Microsoft and the UK 3-year gilt yield appear to move broadly in tandem. In the current economic environment, I am paying close attention to the disruption in the software industry driven by the rise of generative AI (the so-called SaaS Crisis), as well as the increasing value of Australia’s natural resources. From this perspective, I expect medium- to long-term AUD appreciation, supported by capital inflows.