Chinese share prices dropped today as big banking stocks fell and one of China’s biggest lenders reported a slowdown in growth for last year. The Aussie stock market has fallen off the back of this news as well as the exchange rate which has moved in Sterling’s favour by 0.5% this morning or the difference of £350 on a currency transfer of AUD$100,000. As we head into the Easter weekend expect the markets to stay relatively flat unless something dramatic comes out later today.
The Cypriot banks are due to reopen this morning and this could be a very interesting day for the Euro so if your’e considering exchanging AUDEUR then let me know and i can keep you updated with the movement over the next few days.
This afternoon the US releases revised Q4 GDP data so markets could shake things up for the global fx markets if the date is much different from expectation of a growth of 0.9%.
As always the Australian economy is heavily reliant on both the US and China and their state of affairs. If the US data this afternoon is better than expected we could see the Australian Dollar exchange rate improve back to below 1.45 again.
If you are considering a currency transfer and would like to ensure you are getting bank beating exchange rates then feel free to contact me via email Tom Holian [email protected]