UK Retail figures were released today and they came in lower than expected. They were predicted to come in at the optimistic level of 5%, however when the figures were confirmed they came in at 4.2%, a considerable short fall. The RBA have mentioned the possibility of rate cut in order to keep the Chinese happy as Australia are heavily dependent on the export of raw materials to their Asian counterparts.
I think this is simply jawboning from the RBA and a rate hike is no solution to the AUD’s problems. China’s growth is slowing down considerably and figures could be worse than thought due to distorted reports on lending from “shadow banking”.
GBP/AUD currently sits at 2.10, very close to a six year high. I would be very tempted to trade if I had an AUD requirement. We do have several large GBP/AUD trade going through in the next few days and potentially we can tag new clients on to these deals to achieve a very competitive rate. Please do get in touch if I can be of assistance.
Thank you for reading today’s Blog, I would greatly appreciate any feedback you have and would take pleasure in replying personally. I am more than than happy to assist you with any of your currency requirements. Feel free to e-mail me on [email protected] or call on 01494 787 478 and ask for Daniel Johnson.