Today Sterling AUD exchange rates have hit 1.65 as markets continue to tumble down under. Chinese economic data was weaker than expected which has had a negative impact for the Aussie. On Saturday Chinese trade figures showed that imports fell by 0.3% last month compared to twelve months ago. The results were below forecast which led to the negative reaction. Exports were due to come out at a 7.4% increase in May but actually came out at 1%. The forecast for Chinese GDP has also been downgraded from 7.8% to 7.6% by ANZ.
Other analysts are not expecting any intervention by the Chinese so if the economy continues to falter we could see further weakening for the Australian Dollar so if you’re looking to sell Australian Dollars you may wish to consider moving sooner rather than later. Tomorrow morning we see the release of the National Bank of Australia’s Business Confidence survey for May so any movement lower than minus two could result in further AUD weakening. Personally, I think we’ll see a poor figure which could move GBPAUD exchange rates in an upwards direction breaking through 1.65+.
If you have a currency requirement to make and want to ensure you’re receiving competitive exchange rates feel free to contact me directly Tom Holian [email protected] and I’m confident I can be of assistance to you. With ten years experience hopefully I can provide you with the information to make an informed decision as and when to buy or sell Australian Dollars.