The Sterling Australian Dollar exchange rate has strengthened by 1% today to the lowest level in a few weeks trading at just above 1.53. The move has been prompted by the Eurozone agreement to pump a further €1100bn into Spanish and Italian banks in order to resolve the debt crisis. This has caused investor confidence to return to the Australian economy and with Barclays having big problems we have seen Sterling encounter some problems. With many other banks under review over the next few days we could be in for a very problematic week for the Pound.
EURUSD has moved by almost 2% showing how strong the news has been received within the single currency and exchange rates are currently sitting at 1.2680 at the time of writing. GBPZAR has also weakened by 2% so investors are seemingly more confident in the more riskier currencies.
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