GBPAUD exchange rates have once again tested resistance levels at 1.6750 this morning with many expectations that this level will break through over the next few days. Reserve Bank of Australia Governor Glen Stevens continued with his recent dovish tones in the speech overnight. The Australian Dollar have moved down by approx 10% since April and even though it is historically still very high a gradual weakening should help to rebalance the economy and put them on the right track for overall growth.
Chinese data published last night including Purchasing Manager’s Index saw official services fell in June to 53.9 down from the previous month which has negatively impacted the Australian Dollar. PMI data in the UK however came in much stronger than expected at 56.9 compared to the expected 54.5. This has seen Sterling strengthen across the board against all currencies apart from Japanese Yen.
During the time of writing this article the GBPAUD exchange rate has now increased by another 0.2% so expect 1.68+ to be hit any minute now.
If you have a requirement to buy or sell Australian Dollars and want to ensure you save money compared to using your bank to make a currency transfer feel free to email me directly Tom Holian [email protected]