The Australian Dollar has gained just shy of 0.5% against the pound ahead of the annual Reserve Bank of Australia report – this report provides a summary of the prior year’s operations including the bank’s open market transactions, financial statements, currency operations, and internal management. This could well give clues as to future monetary policy and guidance with regards to interest rates – a suggestion the RBA will continue with their recent policy and stance on interest rates (i.e. rate cuts) then this could lead to some losses for the dollar.
Looking to later in the week and the major release for the pound will be revised GDP data on Thursday, this is forecast to show a slight improvement and again should lend support to AUD buyers. For me the recent shift in favour of the Aussie should be viewed as an opportunity for sellers as personally I feel the dollar will lose value and shift back towards 1.75 in the coming weeks.
Should you have a upcoming exchange to arrange and you would like further information on the currency service we provide then please get in touch on 01494 787478. Alternatively please email me with a brief overview of your currency transfer and I will get back to you with a number of options to help maximise your money transfer. Email Mike at [email protected]