Australian Dollar sees massive weakness against Sterling following Chinese currency intervention (Tom Holian)

AUD GBP Could Move Lower as PMI Data Awaits

Sterling has shot up vs the Australian Dollar during today’s trading session by as much as 4 cents from the high to low or over 2% which is the difference of £1,900 on a currency transfer of AUD$200,000.

Clearly things in the world’s second largest economy are looking unstable and if you see how China has struggled over the last 5 years you could use the same graph to chart how the GBPAUD rate has also moved during this time.

Wednesday is the next day for some big data releases to impact GBPAUD rates in the form of Chinese Retail Sales and a Westpac consumer confidence survey.

I think we could see further gains for Sterling vs the Australian Dollar over the next few days as we also have UK unemployment data.

The expectation is for 5.6% so any positive gains could see Sterling rise against all major currencies.

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]