This mornings trading session has seen Sterling gain against the Australian Dollar by nearly 2 cents. On a purchase of AUD $200,000 this would save you nearly £1,500!!
The primary reason for this shift is located just over the Tasman Sea, as New Zealand GDP was reported as a reduced figure of 0.3% (against a target of 0.6%). As the New Zealand economy is very similar to the Australian economy (commodity based), the Australian economy suffers. We have also seen the South African Rand weaken this morning, another egg in the same basket!
I believe that moving forward the next point of resistance will be in the 1.70 region, so Aussie Dollar sellers may want to get their Sterling bought sooner rather than later!
I work for a market leading Foreign Exchange specialist, winners of ‘Best Exchange Rates’ from The Times. Should you have a transaction to discuss, please call me on 01494 787 478 or email [email protected].