Sterling vs Australian Dollar exchange rates have continued to fall during the course of the week even after the Chinese GDP figures showed a fall to 6.7%.
As China is Australia’s largest trading partner any slowdown in the world’s second largest economy often tends to weaken the Australian Dollar however the data has caused little movement on the GBPAUD rate.
This highlights the problems that Sterling is facing across the board and with just over 2 months to go before the UK holds the EU referendum on whether to stay or leave the European Union this is causing a huge loss in confidence for Sterling exchange rates.
The Bank of England has also recently warned that the EU vote is likely to harm future growth and BoE governor Mark Carney has stated that the possibility of Britain leaving the EU was the ‘biggest domestic risk to financial stability.’
On Tuesday the Reserve Bank of Australia meet to announce their latest set of minutes and any hints of a potential rate cut could see the AUD weaken but for the time being whilst the UK economy is dominated by the uncertainty of a potential Brexit this could see Sterling slip even further against the Australian Dollar providing some very good opportunities to sell AUD into Sterling.
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]