GBP AUD rates have internationally taken a bit of a quiet jump this week as the world has been focussing on Greece. It is believed that Greece has now sorted its debt crisis which may see GBP-AUD trade more heavily – taking advantage of what are fantastic levels!
We had seen 2 Dollars to the Pound in March, and during the build-up to the UK General Election these dizzying heights would seem unachievable. However all commodity currencies have been hit hard, the AUD especially so as retail sales figures overnight Wednesday were very poor.
Generally speaking trade and growth forecasts are poor for the economies that buy Aussie goods, meaning the reduced sentiment is passed on to the Australian economy.
In terms of trading levels there seems to be a ‘glass ceiling’ at circa 2.025, making trading levels of buying at 2.0 tricky! If you have an Australian BUY requirement, it would be worth getting something fixed whilst rates are this favourable. I personally feel that the Pound is due some bad news – possibly either the Inflation announcement on Tuesday morning or Wednesdays GDP estimate.
As mentioned, if you have a transfer requirement feel free to get in touch. The direct line to the trading floor is 01494 787 478 (please as for Andrew) or email me over the weekend AJB@currencies.co.uk
Have a great weekend!