Sterling vs Australian Dollar has dropped by as much as 13 cents from the high to low during this month and Sterling has fallen across the board against most other currencies.
Although the Australian economy is not performing that well we are starting to see signs of a slowdown for the British economy which has led to the demise of Sterling during December.
When the US Federal Reserve decided to raise interest rates for the first time in almost a decade this has led to global investors increasing their risk appetite and a key factor in the recent strength for the Australian Dollar vs the Pound.
As we enter the new year I expect to see Sterling fall below the support level of 2 vs the Australian Dollar unless we see a change of fortune for the Pound but personally I don’t see this happening anytime soon.
Australian Retail Sales are due next Friday and if they come out strong this could see even more Australian Dollar strength vs Sterling providing some excellent opportunities to sell Australian Dollars.
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]