It’s been a volatile few days for GBP/AUD exchange rates, with the general theme being a weakness in the value of the AUD against GBP. GBP/AUD rates have moved over 7 cents from last week and at yesterday’s low had moved back above 1.80 against Sterling.
The recent Reserve Bank of Australia (RBA) minutes, coupled with poor data from China has hit the AUD hard just as it seemed it was gaining some momentum after a difficult 12 months against most of the other major currencies. The RBA still felt the AUD was too strong which was negatively affecting their once affluent export industry. Add to this concerns over a slowdown in Chinese economic growth and it has conspired to push GBP/AUD back to the current levels. In fact we have even seen a positive move for the AUD today due to mixed inflation data for the UK, which has helped push the currency pair back under 1.80 on the exchange.
With all eyes now focused on Thursday’s Scottish referendum we could see further volatility on GBP/AUD as Sterling is likely to be heavily affected by the result. We also have the latest RBA report and annual bulletin overnight on Thursday so expect further movement following these releases.
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