The Aussie has recently strengthened against the Pound following the Australian elections, poor UK Retail Sales and a strong set of Chinese manufacturing data. China’s manufacturing activity picked up for September signalling a rebound in their economic growth which led to Aussie strength. As China is Australia’s largest trading partners any positive signs about growth often helps to have a positive effect on the Australian Dollar.
Also, the AUD has seen the benefit from increased investor risk appetite and the AUD has gained against 2.5% since its recent lows. The absence of tapering by the US Federal Reserve last week has also helped the AUD gain as with stability for the US this leads to more gains for riskier currencies.
Later this afternoon the US has a lot a data due out which could impact GBPAUD exchange rates. At 3pm UK time the biggest release will be for US consumer confidence. Any change from expectation could lead to a volatile trading session later today.
For more information about contract types to suit your particular requirement and to find out how to save money when buying or selling Australian Dollars feel free to contact me directly via email Tom Holian [email protected]
Rates are currently trading around the 1.70 levels on mid-market.