Strong Chinese Data causes Aussie strength (Tom Holian)

AUD GBP Lower as Traders Await RBA Meeting

Sterling AUD exchange rates have dropped below 1.70 for the first time this month following some positive date published in China concerning their economy. Output in Chinese factories has shown a rose of 9.7%compared to a year ago above expectations and above last month’s figure of 8.9%. Chinese growth was last measured at 7.5% which is lower compared toprevious times but aslo remains in line with the targets set out by the Chinese government.

GBPAUD exchange rates have recently charged through 1.70 and as high as above 1.73 earlier this week but as has happened earlier this year when Chinese data xomes out it tends to have a direct impact on the strength of the Aussie Dollar.I expect this currency movement to be fairly short time so if you’re thinking about selling Australian Dollars this might be a good time to get your currency exchanged. For Aussie Dollar buyers a target rate of 1.70 would be sensible to try and acheieve in the current climate.

With the Australian election due on September 7th expect there to be some volatile trading conditions over the next few weeks.

If you want more information about exchange rates and want to save money compared to using your bank to make a currency transfer then feel free to get in contact by email Tom Holian [email protected]