Sterling Australian Dollar exchange rates have once again improved overnight and are now trading above 1.81 on the mid-market level.
The minutes published by the Reserve Bank of Australia suggested that overall growth in the forthcoming quarters are expected to be lower than forecast with slower growth in the export market.
RBA member Guy Debelle has said that the Aussie Dollar was likely to decline owing to the drop in foreign asset purchases and with exports already having fallen I think a fall for the Australian Dollar would be welcome for the Australian economy.
The price for iron ore has dropped under $100 a ton for the first time in 2 years owing to the slowdown in Chinese demand for the commodity. With the Australian economy closely linked to what is happening in China if the world’s second largest economy slows down this is likely to negatively impact the Australian Dollar.
Australia currently has a AAA credit rating by Standard & Poor’s but this could be put under pressure in the longer term if the government doesn’t do more to reduce the deficit.
I think there is a little more upside for GBPAUD exchange rates over the next few days so if you want to take advantage of these exchange rates and want to save money on your currency transfer compared to using a bank then contact me directly Tom Holian [email protected]