Sterling vs Australian Dollar has fallen dramatically this morning following the announcement that China cut interest rates today. With Chinese growth now slowing to its lowest rate in almost 25 years the central bank has acted to stimulate the economy.
With factory growth stalling as well as the property market in China the rate cut was an aim to keep the Chinese spending. This is good news for the Australian economy as the more the Chinese spend the more demand there is for Australian natural resources.
Therefore, we have seen the Australian Dollar strengthen by over 1% against Sterling which has created some excellent opportunities in the short term for anyone looking to sell Australian Dollars.
This could however be a short term movement for GBPAUD exchange rates as it does go to show there are big problems in the world’s second largest economy.
If you have a currency transfer to make and want to save money on exchange rates then contact me directly for a free quote. Tom Holian [email protected]