The Sterling Australian Dollar exchange rate has continued to improve to as high as 1.5670 during the trading session today after a low reading on producer inflation data. Chinese economic data for PMI showed a reading of 49.1 in April, below March’s figure of 48.3 which although positive it is still below 50 so therefore represents a contracting economic environment. The Australian Dollar forecast for the Pound is looking up at the moment with many looking for an exchange rate of 1.60 to the Pound as the next level of resistance.
The interest rate is the main news on the agenda and the chance of a rate cut differs from day to day and at the moment the chances are that the RBA will cut the official cash rate from 4.25%. If the rates are cut in May there is also the potential for them to be cut in June too. If you need to transfer Australian Dollars and want to find out the benefits of using a currency broker. Contact Tom Holian email@example.com