Buying Australian Dollars and UK Retail Sales (Tom Holian)

AUDGBP Tests 0.5600 Once More as BoE Cuts QE

When considering when to buy Australian Dollars this week it is important to keep en eye on data releases that could impact GBP to AUD exchange rates. This morning for example we have seen the release of UK Retail Sales which year on year came in marginally better than expected but quarter or quarter slightly lower so the gain we have seen on one hand for Sterling has been taken away by the other.

With the data earlier this week published about China where they announced a slowdown in growth we have seen Sterling gains against the Aussie in the short term to as high a 1.48 the highest level in a few weeks but as the UK is performing badly we could see those gains quickly disappear for GBPAUD.

In the US Initial jobless claims are released this afternoon. As the US is seen as the global barometer if the unemployment data is better than expected we could see some Australian Dollar strength as investor risk appetite begins to return.

One problem that the Australian economy has is that with such a strong currency it is discouraging foreign companies doing business as it becomes cheaper to do business elsewhere. Please click here to read an interesting BBC article about the film industry and reasons why they are moving away from the country.

If however you do need to make a transfer of funds down under or want to repatriate your Australian Dollars into Sterling Euro or USD then get in touch for a free quote by emailing me directly Tom Holian [email protected] With ten years experience in the fx markets I am confident that I can offer you better exchange rates than by using a bank.