GBPAUD exchange rates have continued to move in a negative direction as the UK has experienced a very difficult week both politically and with the economy.
The release of the information from Panama has caused political instability for the UK with many companies using bank accounts over there to keep money away from the UK in order to avoid paying tax.
With the government also paying £9m for ‘Remain’ leaflets to send to British homes his credibility has been knocked and this has had a negative impact on the Pound.
The next big move for Sterling vs Australian Dollar exchange rates will come at some point today when the Chinese release data concerning their foreign exchange reserves.
China has taken a different approach to the western economies by trying to spend itself out of trouble during last year and it appears to have been working according to a recent survey.
As many as 1400 companies surveyed were much more positive and this has been reflected with recent Australian Dollar strength vs Sterling.
If this data release concerning Chinese foreign exchange reserves is positive I think we could see further losses for Sterling vs the Australian Dollar creating even better 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]