Australian Dollar Strengthens against Sterling (Tom Holian)

AUDGBP: Sterling Breaks Out from Stubborn Range

GBPAUD exchange rates have dropped this morning from 1.83 to 1.82 following the release of UK Retail Sales which saw a fall of 0.3% month on month.

This was the weakest level seen since January after mild weather in teh UK had a negative effect on new clothing purchases.

Over the last 12 months the level is 2.7% but the expectation was for a gain of 2.8% so Sterling has weakened during this morning’s session.

Recently the UK’s biggest supermarket Tesco announced a big fall in profits which has highlighted the slow down.

Tomorrow sees the release of UK GDP at 930am and with expectations of 3% I think the figure could be lower than expected and therefore see Sterling fall against the Australian Dollar offering very good selling opportunities if you need to sell AUD into GBP.

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]