As predicted in my recent article over the weekend I think we could see GBPAUD exchange rates challenge 1.80 during the course of this month as Sterling has made some steady gains vs the Australian Dollar in recent weeks.
In the Spring Statement delivered by Chancellor Philip Hammond he was relativity positive about the the British economy and has predicted falling inflation, less borrowing and has also upgraded projections for UK growth.
This has been taken by the market very well and this has seen Sterling increase vs the Australian Dollar during this afternoon hitting 1.7750 at the time of writing.
Good news if you’re considering buying Australian Dollars with Sterling at the moment.
The Chancellor has forecast that growth this year would hit 1.5% which is just above the target set by the Office for Budget Responsibility back in November.
Turning the focus back towards what is happening with the Australian economy at the moment tonight we see the latest release for the Westpac Consumer Confidence survey.
This has been falling recently so another pessimistic release could pile further pressure on the Australian Dollar.
Combine this with tonight’s Chinese Retail Sales data as well as Chinese Industrial Production data this could cause a lot of movement for GBPAUD exchange rates so make sure you’re prepared for a lot of movement early tomorrow morning.
Things seem to be slowly improving for the British economy and today’s Spring Statement has also supported this view which is why I think we could see the Pound hit 1.80 vs the Australian Dollar before the end of this month.
If you are in the process of either buying or selling Australian Dollar at the moment and would like further information or a free quote then contact e directly and I look forward to hearing from you. Having worked for one of the UK’s leading currency brokers for 15 years I am confident of being able to offer you better exchange rates as well as helping you with the timing of your transfer.
Email me directly with a brief explanation of your requirement and I look forward to hearing from you
Tom Holian [email protected]