GBP to AUD Australian Dollar Strength AUD to GBP
With the Reserve Bank of Australia meeting tomorrow to discuss their interest rate decision the chances are that there will be no rate cut. With inflation out today showing a decrease of 0.2% in June the likelihood is that the RBA does not need to amend its monetary policy. However, do keep a close watch on how the decision may affect the Australian Dollar exchange rate tomorrow.
The Australian Dollar has continued its recent run of strength hitting 1.5250 this morning even after news that China’s manufacturing activity has dropped to its lowest level since November. The main reason is likely to be down to the good news coming from the recent European summit which has encouraged investors to flock back to the AUD. The rally which began on Friday today sees no signs of abating. The Australian stock market has rallied and are being driven by strong demand for commodities after the positive news from Europe.
The next target figure for the Australian Dollar will be 1.51 in the short term but I would not expect to see much lower especially if there is no movement tomorrow from the Reserve Bank of Australia. With Sterling struggling against the AUD, NZD and ZAR it is clear that money is being taken out of Sterling and being used to gain interest in the aforementioned currencies.
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