Sterling vs the Australian Dollar has broken past 2 on a number of occasions during the last fortnight but has failed to maintain a sustained period above the resistance levels.
An interest rate cut down under in May has seen Sterling improve by 4% since the low last month and the uncertainty surrounding the issues in Greece is also causing problems for the Australian Dollar as investors shy away from riskier currencies.
Oil prices and falls in the price of iron ore and other commodities have taken their toll on the Australian economy and also AUD and I think it is only a matter of time before we see GBAUD rates over 2.
However, in order for this to happen we will need to see a few more negative sets of data for Australia to occur within a short period of time.
Wednesday could be the key day for this to happen with the release of a Westpac consumer confidence survey as well as RBA cover Glenn Stevens addressing the market.
Therefore, if you have a requirement involving Sterling and the Australian Dollar then keep an close eye on Wednesday’s news.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]