Sterling vs the Australian Dollar has seen big falls since the Bank of England decided to cut interest rates.
We have seen falls of almost 6 cents during the week as the central bank chose to cut rates from 0.5% to 0.25%.
Although this was widely anticipated the bank has also chose to increase stimulus measures in the form of Quantitative Easing by another £60bn bringing the total up to £375bn.
US non-farm payroll data also came out strong on Friday which led to further strength for the Australian Dollar as often if we see positive data in the US this means more demand for commodity based currencies which includes the Australian Dollar.
Next Tuesday the UK releases both manufacturing and industrial production data which have been rather negative in recent months.
With the Brexit issue and the uncertainty surrounding the run up to the vote causing a huge lack of foreign investment in the British economy during that time the economic data is likely to continue to be negative.
Also, published on Tuesday is the estimate of UK GDP for the last 3 months.
This is also likely to show a fall and combined with the other economic data on Tuesday we could see GBPAUD rates drop below 1.70.
If you need to buy Australian Dollars it may be worth organising this early in the week and if selling a bit of extra patience may mean a bigger saving.
If you have a currency transfer to make and want to save money on exchange rates compared to using your now bank then contact me directly for a free quote. Tom Holian [email protected]
I look forward to hearing from you.