Sterling vs the Australian Dollar has now fallen below 1.60 and even at the time of writing broken into the 1.58 levels as Chinese Retail Sales data has come out stronger than expected.
As China is Australia’s largest trading partner any positive news coming out from the world’s second largest economy often helps to strengthen the Australian Dollar and as predicted in my previous article I think we could see further Australian Dollar strength vs the Pound.
Since the announcement that Article 50 will be triggered in March the uncertain period that we’re currently in has caused a huge loss of confidence in Sterling and one of the main reasons why we’re still seeing the Pound under such pressure.
Indeed, even with UK inflation coming out better than expected this has helped the Pound to increase against all other major currencies but no positive movement against the Australian Dollar.
Australian unemployment data is due out tomorrow and recently the figures have come out relatively strong and any further positive data could see further strength for the Australian Dollar.
With a very uncertain future ahead for the Pound I think we could see further losses for GBPAUD rates so if you need to buy your Australian Dollars before the end of the year it may be worth looking at buying a forward contract which allows you to fix an exchange rate for a future date.
Having worked in the foreign exchange industry since 2003 I am confident of being able to offer you better exchange rates than using your bank and also to help you with the timings of your transfer.
If you would like further information or for a free quote when buying or selling Australian Dollars then contact me directly and I look forward to hearing from you.
Tom Holian [email protected]
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