Sterling vs the Australian Dollar has had a very interesting period during November trading between a range of almost 4% from high to low.
Sterling hit above 1.85 early in the week following the comments from RBA Deputy Governor Philip Lowe who urged the Australian government to do more to keep people spending. The suggestion of an interest rate cut helped to weaken the Aussie Dollar but I think will not happen for quite some time.
Indeed, the AUD strengthened against Sterling during Friday’s trading session as the UK published house price data at it slowest rate of growth for almost a year. Sterling fell across the board creating some good short term selling opportunities for those looking to exchange AUD into Sterling.
German retail sales were better than expected as was Germany’s unemployment figures. The Eurozone can sometimes affect GBPAUD exchange rates as if there is more positive signs for Europe this encourages global investors to buy riskier currencies including the Australian Dollar which was another reason for the strength seen on Friday.
On Monday morning China publishes manufacturing data and this can often move GBPAUD exchange as China is Australia’s leading trading partner so any positive signs could result in AUD strength.
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]