Sterling gains vs the Aussie Dollar (Tom Holian)

AUDGBP Looks for a Low with PMI Data Ahead

Sterling vs Australian Dollar exchange rates ended the week on a high pushing to upwards of 2.13 on the mid-market level giving opportunities to buy Australian Dollars at their highest level since 2009.

With oil prices and iron ore prices both falling over the last few weeks as the global slowdown continues this has weighed heavily on the strength of the Australian Dollar against a basket of currencies including the Pound.

The Chinese stock market has seemingly gone into free fall over the last few months and to combat further falls investors with more than 5% holdings are unable to sell more than this figure within a 6 month period.

As China is Australia’s largest trading partner as they slowdown this often tends to weaken the Australian Dollar.

With GDP in Australia also coming out lower then expected recently this has really caused the Australian Dollar to weaken vs Sterling.

On Tuesday the UK releases 2nd quarter GDP figures so if this show signs of a fall this could provide the Australian Dollar with a small bout of strength creating a short term opportunity to sell Australian Dollars into Sterling.

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]