A missed Australian GDP prediction opened the GBP – AUD market at 1.59 and has quickly risen to 1.60. The GDP for Quarter 1 came in at 2.5%, missing the prediction of 2.7% and compounds the lack of confidence in the Australian economy. With last months interest rate decision being cut to 2.75% and the Australian Government openly admitting to attempts to weaken the currency, Australian Dollar buyers will be rubbing their hands at the prospect of reaping the rewards of 10% growth over the last month.
Australian Dollar sellers however could be wise to consider their position sooner rather than later. With very little positive signs coming from Australia of late, and the slow down of the Chinese economy, it currently looks like there is only one direction AUD is going – Down Under!
Feel free to get in contact if you have Australian Dollars to sell that you are unsure timing correctly. It is also worth dropping me a line should you not have the Dollars available yet, as there are options available to you. Depending on your AUD situation, you may be able to fix your rate of exchange and avoid any further unfavourable market movements – a distinct possibility!!
Drop me a line on the trading floor to have a chat!
01494 787 478