Sterling AUD hits 1.60 again today

AUDGBP Exchange Rate Starts the Week in Strong Fashion

GBPAUD AUDGBP USDAUD AUDUSD EURAUD AUDEUR Buying Australian Dollars Moving Currency Sending Money Abroad Australian Dollar Forecast

GBPAUD has again hit 1.60 today as fears of what’s happening politically in Europe has weakened the Australian Dollar. Yet again weak Chinese economic data has also done the same. The immediate issue in Europe is the problem in Greece which has been pushing the Australian Dollar in a downwards direction  and this could continue until things are resolved. in recent voting in Greece the general feeling is anger towards the austerity measures imposed by the EU in order to get further bailout funding. Greece’s ruling coalition has yet to receive majority meaning the government is yet to be formed and it’s likely voters will have to go back to the polls. No parties have yet agreed to form a government. If it is not formed it is likely that Greece will not be able to put in place the austerity measures and therefore not receive the next bailout resulting in them putting at risk their membership with the single economic area. The impact this has on the Australian Dollar is that investors are anxious about riskier currencies and are worried about how a European slowdown will affect the commodity rich country of Australia.

Chinese data showed April’s industrial production dropping as to its lowest level in almost ten years which has pushed the AUD down against the Pound hitting 1.6078 at its highest level during today trading session. Inflation figures were also a little lower which could allow China to amend its current economic policy in order to get the country moving. If China continues to report a slowdown expect to see the Australian Dollar vs Sterling move towards 1.63 during next week’s session. For further information on how to save money when converting Australian Dollars please contact me directly quoting ‘ADF’ on 01494-787478 or email me Tom Holian teh@currencies.co.uk