Despite Sterling taking a knock against most major currencies this morning. GBP/AUD is still remaining around the 2.13-14 mark. This is more to do with AUD weakness than Sterling strength. Chinese factory orders came in during the night and were well below par, China’s growth is slowing considerably and due to Australia’s heavy reliance on raw material exports to its Asian neighbors AUD is taking a hit.
There are rumours of a rate drop by the RBA but I don’t feel this is solution to Australia’s economic problems. If it is to happen I would expect it much further down the road. If you had an AUD requirement I would be looking to move when GBP/AUD hits above 2.14 as we are seeming to hit a resistance level at 2.15 due to profit taking.
I am offering a free rate alert service to notify potential clients of any spikes or troughs in the market. feel free to drop me an email if you would like to take advantage of this service. Please be sure to include your requirement, what are you hoping to achieve and time scales.
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.