China weakens the AUD’s value
People buying the AUD has seen a significant increase in value over the last 48 hours and it is China who deserves thanks. As many regular readers and traders will be aware the Australian economy is very dependant on the strength of their largest trading partner China. So when China’s economy improves the strength of the AUD normally goes up and the same when the reverse happens in China.
Yesterday China reported on their manufacturing data which showed yet another decline, the tenth month consecutively now causing a fall in the stock exchange in China. To such a degree that it was actually shut but this in turn weakened the AUD making it almost 2% cheaper to buy.
To take advantage of this movement please feel free to call me directly on 0044-1494-787-478 or email me at [email protected]
Forecasts for January for GBPAUD
Today we have seen the markets settle some what as the China Government intervene to try and settle the stock markets. GBPAUD rates are now up towards 2.05 much higher than where they started the year at 2.02. Normally we do see the AUD gain strength at the turn of the year so this was no surprise but anyone with AUD to sell may be wise to move sooner rather than later as we are expecting to see rates continue to climb now for GBPAUD.
Moving forward look out for further China data which is expected to show a contraction, plus the raw materials mined in Australia are also at risk to fall further. Add in the concerns building about the property market in Sydney and you can understand that there really does seem to be a rather strong argument suggesting rates will continue to climb once more for GBPAUD traders. Great news for AUD buyers however Sellers may want to move sooner rather than later to avoid any further costs being incurred.
For a full break down on prices, forecasts and expectations please contact myself STEVE EAKINS directly by either calling and asking for me on 0044-(0)1494 787 478 or emailing me at [email protected]