Sterling Australian Dollar Exchange rate hits 1.56

AUDGBP: Australian GDP Disappoints, AUD Weakness

Australian Dollar Forecast GBPAUD AUDGBP AUDUSD USDAUD Best Rates GBP to AUD

The Australian Dollar has continued to strengthen against the Pound this week and the exchange rate has hit 1.56 on Interbank level today. The AUD has even moved to within half a cent of parity against the US Dollar even though markets remain jittery about the upcoming Greek elections. The elections due to take place in Greece on June 17th will hopefully put to bed the uncertainty surrounding the Eurozone but a lot of people still remain negative about the result. One of the reasons for the recent return to strength for the Australian Dollar is the mounting speculation that the Federal Reserve’s potential plans to stimulate the economy could come in and therefore encourage more investors to place money in the Australian Dollar.

The World Bank has warned that developing countries will grow by 5.3% this year down from 6.1% in 2011. The Bank issued warnings that the Eurozone debt crisis could negatively affect both Spain and Italy and with bond yields in Spain hitting 6.81% this is the highest rate since the launch of the Euro back in 1999. If developing countries struggle this could have a detrimental affect for many countries across Asia and therefore Asia’s growth with Australia could slow and harm the Australian Dollar.

For further information please contact me directly quoting ‘Australian Dollar Forecast’ for preferential rates when transferring currency. Tom Holian teh@currencies.co.uk