The Pound to Australian Dollar rate fell once again after another poor release of UK Retail Sales which showed their worst performance for three years.
The data has fallen for the third month in a row and with inflation rising in the UK and average earnings showing a fall recently this could be a sign of things to come for the British economy.
This now makes it less likely that the Bank of England will look at raising interest rates this year.
UK Retail Sales were expected to see a growth of 1% but instead the data came out at -0.3% and this caused the Pound to fall vs the Australian Dollar.
Bank of England governor has previously predicted a slowdown and has been criticised for his negative outlook but his judgements appear to be getting more accurate recently.
Since Brexit GBPAUD exchange rates have dropped by over 15% and with Australia now having avoided recession for over 26 years it is difficult to see any gains for Sterling coming anytime soon.
With Article 50 also dominating the political landscape the Pound is remaining under real pressure against all major currencies and I think we could see Interbank levels drop below 1.60 during the course of this month.
Next week the UK releases its first estimate of GDP figures for the fourth quarter on Wednesday so if you need to buy or sell Australian Dollars then keep a close eye on what happens to exchange rates immediately following the release.
If you have a currency transfer to make and would like to save money on exchange rates compared to using your own bank then contact me directly and I look forward to hearing from you. Having worked in the industry since 2003 I can also with my experience help you with the timing of your currency transfer.
Tom Holian [email protected]