Sterling vs Australian Dollar exchange rates have fallen to their lowest level in 12 months providing the best exchange rates to sell Australian Dollars into Sterling since March 2015.
The RBA have recently kept interest rates on hold and the meeting minutes from earlier this week reinforced this view. Above average employment has continued to help support the housing market as well as consumer spending so the absence of a rate change has in their view been justified.
With the price of iron ore having dramatically risen over the last month as one of Australia’s biggest exports this has also helped to strengthen the Australian Dollar.
Turning the focus to the UK later on today Chancellor George Osborne releases his latest Budget Statement and this is likely to cause some further problems for Sterling as he is looking at cutting over £4bn from the deficit and this could come in some form of fuel duty which is likely to cause a few issues for Sterling exchange rates.
Australian employment data is due out tomorrow morning and with the jobs market improving down under we could see even further Australian Dollar strength towards the end of the week.
My overall prediction is for Australian Dollar strength.
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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