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Australian dollar weakens, pound joins the rally

Australian dollar weakens, pound joins the rally

LONDON: The British pound, to take advantage of weak Australian dollar, has joined other low-yielding major currencies like the US dollar and euro, as the broader Australian dollar exchange rate complex suffers fresh weakness.

Sources said that independent foreign exchange providers will be able to deliver up to 5 percent more exchange rate when compared to bank in many instances.

They said that comments of the Chinese finance minister at the G20 meeting in Australia hit the Australian dollar lower at the start of the new week. The minister suggests that the recent policy easing may be limited despite China’s recent economic deceleration. “These remarks have seen Dollar Bloc losing ground against the greenback, while sterling and the EUR outperformed,” notes Shaun Osborne at TD Securities,” they added.