Australian Dollar Strengthens against Sterling (Tom Holian)

AUDGBP Looks for a Low with PMI Data Ahead

The Australian Dollar has continued to strengthen against the Australian Dollar this week as UK manufacturing data out early last week put a stop to Sterling’s recent rally across all major currencies. This was following a previous announcement that UK retail sales have also slipped meaning the UK’s economy strong run could be coming to a close and entering another winter of discontent.

The Pound has traded as high as 1.75 recently dropping to 1.68 over the weekend possibly also being impacted by the uncertainty over the US economy and what could happen next. According to the President of the World Bank the US borrowing crisis is only ‘days away from danger.’ Thursday is the deadline for the policy to be agreed and failing that could send shockwaves through the global economy not to mention the currency markets. This would clearly affect confidence and would mean investors are likely to seek safe haven currencies which could lead to a quick adverse movement for the Aussie Dollar providing excellent opportunities for people looking to buy Australian Dollars.

To be kept updated with news that could affect Australian Dollar exchange rates then fell free to contact me directly Tom Holian [email protected]

If you have a currency requirement and want to ensure you are getting the best exchange rates then get in touch for a free quote Tom Holian [email protected]