Sterling vs the Australian Dollar exchange rates have had a lift during the week owing to the Chinese devaluing the Yuan as well as publishing factory output data.
Chinese factory data showed its lowest level since June 2009 and with the Chinese stock market having dropped by 33% since the start of the year things are not looking good in the world’s second largest economy.
As China is Australia’s biggest trading partner any negative data often results in Australian Dollar weakness and this is what has happened to GBPAUD rates during the course of the week.
With RBA governor Glenn Stevens due to speak publicly on Wednesday morning any jawboning or talks of another rate cut could see GBPAUD rates rise even further.
With the Australian economy under real pressure during 2015 I would not be surprised to see either a rate cut or talks of one prior to the end of this year.
If you have a currency transfer to make and want to save money on exchange rates then contact me directly for a free quote. Tom Holian [email protected]