Australian Dollar Gains against Sterling (Tom Holian)

Australian Dollar Forecast Set for Bleak End to 2020

GBPAUD exchange rates have fallen this week to below 1.80 following the strong business outlook survey that came out at the middle of this week from the Australian Bureau of Statistics.

The data was a lot better than expected and we saw the Aussie strengthen by 1% against Sterling during that day’s trading session.

The Australian Dollar also strengthened against the US Dollar as US GDP showed a contraction of 1% in its first quarter GDP compared to twelve months before.

The Euro has weakened recently owing to the uncertainty of what may happen at next week’s ECB interest rate decision and whilst this uncertainty continues global investors are keeping hold of Australian Dollars for the time being keeping the AUD rather strong.

On Sunday, China releases Manufacturing data for May and if lower than expected we could see the Australian Dollar weaken against the Pound as the Australian economy is heavily reliant on what happens in the world’s second largest economy.

Monday sees the release of inflation data down-under and if lower than 2.8% we could again see the AUD weaken against the Pound.

If you have a currency transfer to make and want to save money on exchange rates compared to using your bank then contact me directly Tom Holian teh@currencies.co.uk