Sterling has continued its demise against the Australian Dollar with trading rates just above 1.77 at the time of writing. It appears as though investors have lost confidence in the Pound over the last few weeks in search of higher interest rates which are available down under.
The Chinese economy seems to be going well at the moment which helps to keep the Aussie Dollar strong and we are now the strongest level since November 2013 making it an excellent time to be transferring Australian Dollars back into Sterling.
Over the next week the Bank of England will meet to decide their interest rates. Personally speaking with inflation dropping recently in the UK I think there will be no change for next Thursday and this could keep the Australian Dollar strong against the Pound next week.
Due tomorrow morning is the Australian Private Sector credit for July and I think this could send GBPAUD rates into the 1.76 levels.
If you have a currency transfer to make and want to be kept updated with currency movements or if you have a requirement to buy or sell AUD then contact me directly for a free quote. Tom Holian [email protected]