020 7898 0500Sterling strengthened against the Australian Dollar yesterday, with big movements ranging from 1.9667 to 2.00. This strengthening of the British pound was due to poor retail sale figures from the Antipodean nation – at 0%, down from 0.2%. This shows a lack of economic activity in Australia, so their currency weakened accordingly.
These poor retail figures were shortly followed by terrible trade balance figures – at –A$3,888 million, dramatically down from the previous figure of –A$1,231 million. This shows a negative trade deficit and ensured the Australian dollar continued to weaken – good for those purchasing the currency, but a poor time to sell it.
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