Yesterday the Australian Dollar retraced some of its recent losses against the pound but was too see some further losses against the Euro. Coming into the office this morning and the Australian Dollar has seen some heavy losses against the Euro moving a cent from the high/low already, the pound has also seen some strength pushing back towards the 1.55 territory opening the day at 1.5430. The AUD weakness can in some ways be attributed to poor consumer confidence figures from Australia overnight, continuing a recent trend of softer data coming from Australia.
Whats in store today?
This morning anyone looking at GBP/AUD should watch out for the Bank of England minutes scheduled for release at 09.30. For me I would not expect to see any dramatic announcements as Sir Mervyn King is coming towards the end of his tenure as the head of the central bank and for this reason is unlikely to look to adopt any significant policy changes as a result, this is likely to be left in the hands of the new governor Mark Carney who takes over in July. Personally I think the minutes could be a slight non-event but certainly any nod to a change in interest rates of further QE and the GBP/AUD could swing either way.
For anyone looking at EUR/AUD European consumer confidence figures are scheduled for tomorrow and expected to show a slight improvement which may well lend further support to the Euro. Historically AUD rates are still very strong against the Euro and Pound but this trend appears to be shifting.
As you can see we have plenty of data released for the rest of the week. To be kept up to date with the impact these data sets may have for your individual requirement then please contact me and I will happily run though my forecasts and run through the various contracts we can offer to help maximise your currency exchange. I am very confident I can help achieve a better rate than your current provider. Please call the office on 01494 787478 or email me (Mike) with a brief overview of your requirement and I will gladly contact you to help with your money exchange. I can be reached at [email protected]