This week is a particularly busy week for the GBP/AUD pairing with plenty of data sets being released. Below I have outlined the major data sets and the potential outcomes:
– Overnight at 00:20 GMT we have Retails Sales figures from Australia – expected to show an increase month on month from -0.2% to 0.4% and should give strength to the AUD.
– Following this at 03:30 GMT we have the Reserve Bank of Australia releasing their latest interest rate decision. Expected to stay on hold at 3% but with rumblings that the RBA may continue with their recent stance of cutting the base rate then the subsequent statement that follows should be keenly viewed. Any suggestions the RBA will be cutting in the months to come and we could see the dollar weaken as a result.
– Heading into Wednesday at 00.30 GMT watch out for GDP data from Australia, expected to show a slight improvement month on month from 0.5% to 0.6% – any deviation and expect volatility.
– Thursday is the key day from the pounds point of view with the Bank of England releasing their interest rate decision 12:00 GMT. Again expected to stay on hold but an outside chance of a rate cut that would in theory significantly weaken sterling, one to avoid if buying AUD.
As you can see it is a very busy week. Should you have an upcoming money exchange to arrange and would like to discuss the current market trends and data sets in more detail then please do not hesitate to contact me on either 01494 787478 or by emailing Mike at [email protected] and I will provide further insight into market forecasts and how we can help you save money on your foreign exchange.