Sterling Australian Dollar exchange rates have hit their highest level in many weeks following the very weak Australian Retail Sales. The expectation was for 0% change in May but they actually fell by 0.5%. This has caused a huge amount of weakness for the Australian Dollar during today’s trading session.
The European Central Bank also met today to discuss the possibility of further Quantitative Easing which has also seen a sell off from riskier currencies including the Aussie Dollar. When the global stability is rocked investors look to more safe haven currencies and this has seen investors plough into the Pound today.
The UK housing market has this week hit record levels surpassing that of 2007 so for the time being at least the UK economy is riding the crest of a wave.
The movement on GBPAUD exchange rates has been as much as 1% or the difference of £1,100 on a currency transfer of AUD$200,000.
If you would like a free quote when exchanging Australian Dollars or if you’re thinking about making a currency transfer in the future and want more information about how to save money on exchange rates compared to using a bank then contact me directly for a free quote. Tom Holian [email protected]