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AU Dollar Hits 3-Week High Versus Pound, as Aussie Retail Sales Rise

Market CommentaryAU Dollar Hits 3-Week High Versus Pound, as Aussie Retail Sales Rise
AU Dollar Hits 3-Week High Versus Pound, as Aussie Retail Sales Rise
Image credit: Sam Savine.

Welcome to Pure FX's latest update of the Australian dollar to pound interbank exchange rate!

The Australian dollar jumps versus sterling! The Australian dollar to pound interbank exchange rate has hit 0.5656 today, its highest in 3 weeks, or since December 19th.

By contrast, back on January 1st, the Australian dollar was as low as 0.5467 versus the pound, so it's since strengthened by +2 cents, or +3.45%!

AU$250,000 transferred to the UK at this exchange rate would be worth £141,400, or +£4,725 than on January 1st!

So if you're an Australian thinking of emigrating to the UK, or an AU business owner importing UK goods for your firm, this may be helpful to know!

Australian Dollar Rises, as Aussie Retail Sales Jump

The Australian dollar to pound interbank exchange rate has hit this 3-week high, because Australia's retail sales rose more than forecast in November, said official statistics on Thursday.

To be specific, retail sales Down Under rose by +0.4% in November, according to the Australian Bureau of Statistics (ABS), above predictions for a +0.3% climb.

This was the sharpest rise in Australia's retail sales since April 2017, boosted by Black Friday and Cyber Monday sales.

In particular, clothing, footwear and personal accessories sales flew up, thereby strengthening the Australian dollar!

AU Dollar Climbs, as Value of Australian Commodities Flies

What's more, the Australian dollar has hit this 3-week high versus the pound, because the price of Australia's key commodities has rocketed.

In particular, the price of iron ore and coal, Australia's 2 biggest export commodities, hit a 6-year high in December, said Metal Bulletin this week.

For example, iron ore prices have risen by close to +20% in the last month, to $74.46 a tonne.

As a result, Australia's iron and ore and coal miners will make more money from exporting their commodities, in particular to Chinese customers. This will lift Australia's GDP growth, and the Aussie too!

Aussie Dollar Strengthens, as Chinese Yuan Hits 5-Month High

Moreover, the Australian dollar to pound interbank exchange rate has risen, because the value of China's yuan has hit a 5-month high.

To be specific, the yuan has strengthened by +1.9% against the US dollar so far this week, to 6.7410, its strongest since July 2005.

This is because US President Donald Trump has softened his trade stance toward China, boosting hopes that a trade deal will soon be signed.

In turn, if China's economy accelerates following a trade deal with America, China may buy more Australian products, like iron ore and coal. So the yuan's boost has lifted the Aussie too!

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Please bear in mind, this article is Pure FX’s opinion only and does not constitute advice. Moreover, the exchange rates referred to in this article are the interbank rates, which are the rates at which banks and financial institutions buy and sell currency to each other. Therefore these exchange rates cannot be accessed by individuals or SMEs, and are not the same rates that Pure FX can offer. To get a free exchange rate quote, call us on +44 (0) 1494 671800, or email peter.lavelle@purefx.co.uk.

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