GBPAUD exchange rates have dropped below 1.70 again today as UK Retail Sales came in much lower than expectation. The data was expected to be 0% but the actual figure showed a drop of -1.1%. With results so low this has seen Sterling fall across the board and drop to one of its lowest level for a few weeks against the Aussie. Since the release this morning the UK also announced that the manufacturing sector is looking better.
The Confederation of British Industry said that orders were the highest since 2008 and car production at its highest since the start of the economic crisis. Retailers said early last week that they were concerned of a false dawn in the high street so it could be argued that the warnings of a drop were already in place.
The OECD has upgraded the UK’s growth forecast by 1.5% this year up from its previous release of 0.8%. If this forecast comes true expect to see Sterling gain strength against the Aussie during this quarter. There’s not much out tomorrow so exchange rates are likely to remain relatively stable although I do expect Sterling to strengthen back after today’s unexpected drop.
If you need to make a currency transfer and want to save money then feel free to contact me via email Tom Holian [email protected]