Sterling Recovers Against the Aussie (Tom Holian)

AUDGBP: Australian Dollar Weakens in Worst COVID-19 Day Yet

UK Retail Sales this morning have seen the Pound regain against the Australian Dollar after a drop seen during the last few trading sessions. The Pound gained across the board against all major currencies as sales volumes rose 1.7% last month having fallen by 2% in January. The 12 month figures were 3.7% higher according to the Office for National Statistics.

On-line sales have also increased as consumers avoid the traditional ‘high street’ sales and it appears as though it is consumers that have led the economic recovery.

The positive movement for Sterling was however short lived as the Australian Dollar has continued to strengthen reaching into the 1.79 level again today.

The Jobless figures for the US economy have been good this afternoon and often when the world’s largest economy improves this encourages investors to move money into riskier currencies including the Aussie which is another reason why the exchange rates have fallen this afternoon.

Tomorrow’s Q4 UK GDP figures come out at 930am UK time. This is the final revision and the data is expected to show 2.7%. Anything worse could see Sterling fall against the Aussie during tomorrow’s session.

The big change in sentiment came earlier this week following the comments made by RBA Governor Glenn Stevens. For further detailed information click here to read the article and if you have any questions about it then contact me directly or if you want to save money when converting Australian Dollars.

Tom Holian [email protected]