Tomorrow morning will be crunch time for GBPAUD exchange rates in the short term with the release of Australian Retail Sales due. Sterling has been trading in a fairly tight range for most of July but suddenly saw quite a large fall during Friday’s trading session.
The UK manufacturing data that was released showed a fall possibly exacerbated by the strength of the Pound in recent times meaning that foreign buyers have been looking elsewhere as British exports appear to be expensive.
The Reserve Bank of Australia is due to meet on Tuesday to decide what to do with monetary policy. With the Reserve Bank of New Zealand increasing interest rates recently this could put more pressure on the RBA to do the same which would likely result in Australian Dollar strength against Sterling.
Chinese services data is due out on Tuesday as well as Australian exports. As the largest importer of Australian natural resources any positive move for China generally strengthens the Aussie Dollar so keep a close watch out for what happens on Tuesday as it’s expected to be the biggest day of the week for GBPAUD exchange rates.
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 for a free quote. Tom Holian [email protected]