Sterling Australian Dollar exchange rates have hit a 4 week high during today’s trading session as the Chinese confirmed a fall in inflation from 1.7% to 1.6%.
Chinese Trade Balance data is released on Wednesday as well as Import and Export data which could create even better buying opportunities to exchange Sterling into Australian Dollars.
The Australian Stock Market is now at a 2 1/2 year low and has lost as much as AUD100bn which could also see further Australian Dollar weakness as it shows the economy is struggling. The losses for the stock market have happened for now 7 days in a row.
However, things are not that rosy for the UK economy and Sterling has had a difficult start to the year itself.
The NIESR are due to publish GDP figures on Tuesday afternoon and with the ONS having downgraded GDP for the third quarter I would expect to see the same thing happen which could cause some brief respite for GBPAUD rates.
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]
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