The GBPAUD rate has continued to swing violently this week with a movement of over 7 cents or AUD $14,000 on a £200,000 transfer. This large movement I think will become the norm in the coming weeks as global currency wars continue and strong commentary from the central banks in Australia, the UK, US and China drive demand. Generally I expect rates to continue to swing up with GBPAUD visiting 1.70 within the next month. I must stress however that these swings will provide opportunities for clients ready to move fast! Here we offer spike notifications and limit orders for exactly that situation. So if you are trading the Australian dollar with any currency make sure to get in contact to see how this could help your situation.
Next week the key days for the UK are Tuesday, and Wednesday. There are key economic figures being released on both days but I would put Wednesday as the biggest day of the week. This is when the Bank of England’s minutes are released showing the split within the bank on more QE. The expectation is that the new head of the bank will vote for more pushing the split between the 9 members to 5/4 against an expansion to QE. This could easily push the pound down making it cheaper to buy and more expensive to sell. My forecast, expect the news to provide POUND buyers with the best opportunity for some time.
If you would like more information specifically with your situation in mind feel free to contact me for a chat, my name is Steve Eakins and you can contact me via email at [email protected]
I work for one of the leading currency brokers in the City of London with over 14 years’ experience so I am sure I will be able to help save you money. Simply put if that was not the case we would not be in business. Look forward to hearing from you and have a good weekend.