Buying AUD to GBP Australian Dollar Forecast Australian Dollar exchange rate
The Australian Dollar has weakened again as Chinese GDP figures fell from 8.9% to 8.1%. Manufacturing data has also been poor which has led to a lack of confidence in growth for China and therefore a direct impact on the strength of the AUD. This morning the Sterling AUD exchange rate has hit 1.6123 at its high. Australia’s main trading partner is China and a drop in their economy could see a further weakening for the Australian Dollar. Further issues in Europe with Greece aren’t helping things either with the Greeks yet to form a government and the next tranche of €30bn at risk if they do not resolve the issue. Lack of confidence on the continent is not helping the AUD as investors are looking to avoid borrowing in Euro and investing in the Australian Dollar.
Spain is having problems with Bankia being 45% nationalised last week and the government is looking to increase the capital that banks have to hold in order to protect them from the wider economy and loans going bad. This could be good news in the longer term as a safer banking system should help things to consolidate but the problem is that more capital potentially means less lending and therefore less money being moved in Spain which is key to promote growth. For further information about transferring Australian Dollars please contact me Tom Holian [email protected]
Australian Dollar vs Sterling this morning 1.6110