During yesterday’s trading Sterling made a gain of 0.7% against the Australian Dollar. In the previous twelve months the Australian Dollar hit record highs against the Pound but has lost ground since against most major currencies as China’s demand for raw materials has declined. Yesterday it was announced that Australia could post negative growth if it was not for the outside investment in the mining industry as this contributes 3.5% to Australian GDP figures.
Tomorrow morning sees the release of UK GDP with expectations for a growth of 0.1% possibly aided by the panic buying at the pumps recently which surely must have given the economy a boost. If the results published show we have avoided recession expect Sterling vs Australian Dollar to rise again.
Currently GBPAUD exchange rates are close to the highest they have been for five months so if you need to transfer Australian Dollars feel free to ask me a question. Tom Holian [email protected]