Sterling has hit recent 6 year highs against the Australian Dollar following the surprise interest rate cut made by the Reserve Bank of Australia.
The general consensus was for a rate cut to happen but not just yet which saw the market move by as much as 2% on the day of the announcement.
With iron ore prices having fallen again over the last few days this has also weakened the Australian Dollar creating some excellent buying opportunities to transfer Sterling into the AUD.
Tomorrow morning Australian Retail Sales data is due with the expectation for 0.4% growth month on month so anything different could create volatility.
Friday is likely to be the biggest day for GBPAUD exchange rates the week with the release of the Reserve Bank of Australia’s monetary policy statement which will detail the reason for the rate cut earlier this week.
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]