Despite some negative data being released down under in the early hours this morning, the Pound has still dropped against AUD throughout the day’s trading.
The worst Retail Sales figures in 4 and a half years were published this morning, as it turns out that Australian consumers are beginning to cut back on items such as food, clothing and furniture.
The reading for July was also revised down from the previous reading, meaning that the two drops in sales figures are the biggest back to back drop since 2010.
Despite this this disappointing data release the Pound has still fallen against the Aussie Dollar, whereas the majority of other major currency pairs have risen against the Aussie.
Sentiment surrounding the Pound took a knock today as ratings agency, Standard & Poors questioned whether the UK could withstand an interest rate rise, and it emerged that car sales in the UK are continuing to drop.
There has also been a lot of talk regarding UK Prime Minister, Theresa May’s calamitous speech to the Conservative party conference on Wednesday.
Odd’s are increasing on her resignation and although I don’t expect any changes at number 10, I think any talk surrounding this matter could result in a weaker Pound which could push the GBP/AUD pair down towards the 1.60 mark.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.