Strong retail sales shifts levels through 1.87 (Mike Vaughan)

Australian Dollar Forecast Set for Bleak End to 2020
Michael Vaughan

Retail sales this morning came in significantly higher than the forecasted 0.4% coming in at 2.6%. As a result the pound has shifted significantly this morning past the 1.87 level bringing the high/low this week to over 7 cents showing how volatile this pair is currently. For me this trend is likely to continue and we could very soon push through the 1.90 level, good news for AUD buyers however anyone selling may wish to consider their position.

With the current levels for buying AUD over a four year high should you be considering buying AUD in the short term then this could be a great time to consider locking in. I do believe longer term that the Australian Dollar will weaken further but with the gains alone in the last 6 months sitting at just shy of 15% then to me the current levels are offering great value to buyers.

Should you have an upcoming exchange to arrange and you would like to discuss the currency service we provide and how we can help you achieve a better exchange rate than major banks and other institutions then please contact the office on +44 (0) 1494 787478 or email Mike at mgv@currencies.co.uk