Sterling AUD Hits 1.85+ (Tom Holian)

Australian Dollar Forecast Set for Bleak End to 2020

Sterling has had a huge recovery against the Australian Dollar during September and has moved by as much as 8% in less than 4 weeks creating excellent buying opportunities for those looking to save money when transferring Australian Dollars down under.

With the Scottish referendum now old news Britain has decided democratically to remain United which is good news for the overall economy and the certainty has now helped benefit Sterling exchange rates across the board.

The ECB cut interest rates in the Eurozone earlier his month and with another round of QE potentially happening in Europe this is causing anxiety for global investors who are seeking safe havens in the Pound or US Dollar and selling riskier currencies including the Australian Dollar and New Zealand Dollar.

On Tuesday morning we see the release of Australian Private Sector credit and arguably more important is the release of Chinese Manufacturing PMI data. As the world’s second largest economy any slowdown in China often has a negative effect on Australian Dollar exchange rates.

Prediction for the week is Sterling strength and Australian Dollar weakness particularly towards the end of the week.

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 teh@currencies.co.uk