Australian Dollar Weakens after Poor Chinese GDP data

AUDGBP: Australian Dollar Weakens in Worst COVID-19 Day Yet

 

Recent movement for the Pound vs Australian Dollar has been positive with the exchange rate moving by 6% in the right direction for those looking to buy Australian Dollars. The Sterling Australian Dollar exchange rate has also improved over the last few hours following worse than expected Chinese GDP data.

China’s economy grew by 8.1% in the first quarter compared to expectations of 8.3%. This also followed previous data this week which showed weak imports and exports. China is Australia’s largest trading partner and when their economy slows pace it has a direct impact on buying Australian Dollars. With the RBA publishing its minutes from the April meeting all the focus will be on how the general economy is performing and any comments about the possibility of using interest rates to control monetary policy will be closely viewed.

For more information about the forecast for the Australian Dollar or have a question you would like to ask me please do not hesitate to contact me Tom Holian teh@currencies.co.uk