GBPAUD exchange have seen a surge through 1.80 overnight following news from Australia that iron ore prices have seen their biggest fall in 6 months.
Fears have increased that the oversupply in China’s property market will lead to less demand for Australian natural resources and hence we have seen the decline for the Australian Dollar creating some good buying opportunities following the news last week.
Bank of England minutes have confirmed a vote of 7-2 to keep UK interest rates the same which has also given rise to Sterling support against the Australian Dollar and at the time of writing this has seen GBPAUD rates through 1.81.
UK Retail Sales are due out tomorrow morning and with expectations for 3.8% anything higher could see Sterling strength.
Often GBPAUD exchange rates are also affected by what happens in the US and the FOMC minutes are due out tonight which could create volatility.
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]