GBPAUD exchange rates have been range bound in the 1.68 levels during today’s trading as the month comes to an end. British Retail Sales were flat in October according to the Confederation of British Industry and although this was lower than anticipated it has had little effect on GBPAUD rates. The report also mentioned that retailers were aiming to see a better performance next month which could be another reason why exchange rates were unaffected by the news.
Sterling has fallen against the Aussie by 3% since the start of October primarily caused by the very low Manufacturing and Industrial Production data at the start of the month which put paid to Sterling incredible rally against the Aussie seen since the start of 2013. With news out in China also improving during the month this has caused the Aussie Dollar to strengthen.
US Retail Sales are coming out at 130pm UK time so expect volatility during tomorrow’s trading session.
For more information about transferring currency and how to save money on exchange rates get in touch via email Tom Holian [email protected]