Sterling vs Australian Dollar exchange rates have juts hit 2 this morning as the falling price of various commodities has started to harm business investment down under.
According to the Australia Bureau of Statistics showed a fall of 4.4% for the quarter and 5.3% year on year. Indeed, this was the biggest quarterly fall since September 2009 which has caused the Australian Dollar to weaken so much.
However, in order for GBPAUD exchange rates to break 2 and stay above we’ll need to see another big piece of data to allow this to happen owing to the psychological barrier in place.
The Reserve Bank of Australia meet to discuss interest rates and any suggestions of any rate cut looming could see exchange rates improve for GBPAUD.
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]