GBPADU exchnage rates have started to fall on Sunday night following some stronger than expect data from China. Chinese Trade Balance was higher than expected and a positive figure shows a trade surplus which is good news for the world’s second largest economy and also Australia.
GBPAUD exchange rates are heavily influenced by what happens in China as they are Australia’s biggest trade partner and any positive signs usually strengthens the AUD against GBP.
Tomorrow morning sees the release of the Chinese Consumer Price Index which is a key measure of inflation. Year on year is 1.6% so anything different could cause volatility for GBPAUD rates first thing.
I still believe that in the longer term we could see Sterling gain against the Australian Dollar as the economy appears to be too reliant on the mining industry and its relationship with China. Indeed, this could be a bubble bursting over the next few years which would heavily impact Australian Dollar 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]