GBP/AUD rates have dropped sharply during Tuesday morning’s trading, following last night’s Reserve Bank of Australia (RBA) interest rate decision. GBP/AUD rates have fallen by over 3 cents following the RBA’s decision not to cut their base rate from 2%, a move that was widely anticipated amongst investors. When this did not occur it brought some market confidence back to the AUD, as investors will have taken this as an indication that the Australian economy is performing better than expected.
There was also further positive data overnight in the form of Australian Retail Sales figures, which came out at 0.7%, which was much improved on the expected figure of 0.4%. This has transpired to boost AUD rates and due to the volatility of the currency pair, it is no real surprise to see the rates move so quickly and aggressively.
This is another prime example of why it is important to stay in touch with a personal currency broker who can make you aware of such spikes, so these windows of opportunity, whether you are buying or selling, are no missed.
If you have an upcoming currency requirement and would like to be kept up to date with all the latest market movements, or simply wish to compare our award winning exchange rates with your current provider, then please feel free to contact me directly on [email protected]