GBPAUD exchange rates have risen during the course of the day as Chinese GDP data shows its weakest level in 2 years at 7.4%.
The annual growth target was for 7.5% so although not too far from expectation the news was still negative. However, this is also the first time the target level has not been hit in 15 years.
The issue this has for the Australian Dollar exchange rate is that is is often heavily influenced by what happens in China as they are Australia’s leading trade partner.
Two months ago we saw an interest rate cut by the Chinese in order to stimulate the economy and I think the rate cut will see take a while before we see the impact for the economy.
The Westpac consumer confidence survey is due shortly and if we see a negative reading we could se Australian Dollar weakness overnight.
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