With the UK interest rate decision due in an hour’s time what can we expect for GBPAUD exchange rates later today?
Sterling has had a very good run of late against many of its major currency pairs as UK data announcements appear to be improving. The UK Service Sector released yesterday was the best figure seen in over 6 years, manufacturing is at a 6 year high and the UK construction sector is the biggest increase seen in over 2 years thing look rather rosy for the UK and therefore Sterling.
However, with the recent improvement for growth in China the best in 16 months and the RBA announcing this week that they will keep interest rates on hold this month this has created a short term period of Aussie Dollar strength with AUD sellers seeing a handful of good opportunities to take advantage of this short term spike.
If Mark Carney makes an announcement shortly after the UK interest rate decision we could see some unexpected movement on GBP AUD exchange rates for the afternoon’s trading session. Shortly after the UK interest rate decision the European Central Bank will also discuss their policy with Mario Draghi set to speak at 1345pm UK time.
The Australian Dollar has moved by over 2% this week meaning a difference of over AUD7,00o on a £200,000 currency transfer. This demonstrates how volatile the currency markets have been this week and highlights the importance of using an experienced currency broker when deciding when to buy or sell Australian Dollars. With ten years experience moving currency I am confident that I can help you save money on exchange rates compared to using a bank. Feel free to contact me directly Tom Holian [email protected]