Australian Dollar strengthens further against Sterling (Tom Holian)

AUDGBP Advances from 2020 Support Level

GBPAUD exchange rates have continued to fall this morning as the UK faces a difficult decision regarding Tata Steel.

With steel prices in the UK not as competitive as elsewhere Tata Steel is in conversation with the government in an attempt to keep the plant open in Port Talbot which currently employs 5,500 workers.

This will be an interesting decision for the government to make and whilst the uncertainty continues this is likely to cause problems for Sterling vs the Australian Dollar.

Tonight the big news that could impact GBPAUD rates is data from China.

A manufacturing PMI survey will be released which surveys 1,200 private firms in China with their sentiment on the economy.

With commodity prices rising recently and the Chinese having been on a huge spending spree in the US since the start of the year I think this data release could be positive for China and typically this will help to strengthen the Australian Dollar.

Revised UK GDP data is published in just less than an hour and I think we could even see a revision downwards which could send GBPAUD rates even lower.

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]