Today the pound rallied to just shy of 1.55 against the Aussie on a day that it also posted strong gains against most major currencies. Much of the move has been attributed to the Bank of England minutes released this morning in which the report indicated that the 9 members of the monetary policy committee voted 8-1 in favour of keeping Quantitative Easing (the banks asset purchasing programme) on hold. The majority voting in favour of keeping QE on hold was not surprising, however the fact that Aam Posen, the arch dove and recent advocate for introducing more monetary stimulus to the market voted for a hold, has lead to strong gains for the pound and has suggested QE will remain on hold for the time being. This is potentially good news for buyers of the Aussie and has created some fantastic buy opportunities. Should you wish to take advantage or indeed need to sell your AUD and are worried the market is drifting against you then please email Mike at [email protected]
Data to keep an eye on for the rest of the week included CPI (Consumer Price Inflation) date out over night – expected to increase and may put further pressure on the Reserve Bank of Australia to cut interest rate should inflation be increasing. A cut in rates is likely to weaken the AUD further. Also later this week we have business confidence figures from the National Bank, again something that could affect short term Aussie moves.
To discuss your requirement or to run through the recent trends and data that could affect your purchase then email Mike at [email protected] and I will help you get the best rates on the market.