Once again the Chinese data released this week has weakened the Aussie, providing good opportunities for AUD buyers. The Chinese economy is a key user of Australian Iron Ore, so the slowdown indicates bad news for the Australian Dollar.
I personally feel that the Pound is due some weakness in the build up to the General Election, however it seems to be leaving it later than usual! The build up to the last Election saw the Pound lose up to 4% against major currencies, meaning a drop in to the mid 1.80s could be on the cards.
If you are buying AUD therefore, it may be wise to take advantage whilst the rates are in the 1.90s. I do think that there will be a further interest rate cut in Australia (to weaken the Dollar) however the weak Pound may overturn any potential Australian Dollar weakness.
If you do have an exchange requirement, please feel free to get in touch. Either drop me an email to [email protected] or call the trading desk on 01494 787 478 and ask for Andrew Bromley.