The Pound is now trading close to its best level to buy Australian Dollars since October 2018 as the Australian economy has been showing signs of a slowdown recently.
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The Australian Dollar has been weakening during the week in spite of some strong employment data out yesterday morning. Australian Unemployment data showed that unemployment remained the same at 5% with employment improving.
This would typically have helped the Australian Dollar strengthen against the Pound but on this occasion this did not have the desired effect on AUD exchange rates.
The main reason for the weakness in the Australian Dollar was that the Chinese have put an indefinite ban of Australian imports ahead of a new regime on quotas. Australian coal would be capped 12mn tonnes per year and as Australia is such a commodity driven based economy this has caused a real problem for the Australian economy. Furthermore, it appears to be just Australia that has been targeted with this move. With coal in Australia generating a total of US$64bn to the Australian economy this could be a serious blow as it could be the start of further problems ahead. As China is Australia’s largest trading partner and accounts for 34% of total exports it is extremely important that this gets solved very quickly.
The Trade Minister Simon Birmingham is looking to seek some clarity on the situation so this story could be developing over the next few days so make sure you keep a close eye out as to how this could affect GBPAUD exchange rates.
With GBPAUD interbank exchange rates the highest since October, if you have an upcoming requirement make sure you contact your account manager for a free quote.
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