Today Sterling saw a surprising fall as UK Manufacturing & Productivity data fell below expectation creating. GDP Figures also where revised down for Sterling. This fall was put down to a correction to more “normal” levels of production following the excellent month of Sterling gains in September and the “feel good” feeling. All this has helped people looking at selling AUD and buying GBP giving you a saving of nearly 3 cents in 10 days or making a £200,000 AUD $6,000 cheaper. Personally I expect this to be one of the better prices we see over the next 10 days for sellers so would urge anyone with exposure to move sooner rather than later. If you however do not have access to your funds you still have options. Here we offer a Forward Contract allowing you to lock in the current trading level for a requirement in the future, safeguarding you from potential loses. If this is you please contact us today for a full breakdown of your options available and current longer term forecasts so you can make an educated decision about your currency transfer.
Longer term it seems that Sterling strength will return, yesterday the growth forecast for the UK was revised up by the International Monetary Fund (IMF) from 0.9% to 1.4% for the year. The IMF revision of UK growth was very welcome suggesting we will grow by a further 50% more than they initially thought. They also revised global growth down, potentially due to the concerns coming out of a dysfunctional USA government currently.
These growth forecasts are great at assisting with the long term view of the strength of Sterling but from day to day, week to week, economic data releases will still be the biggest driver providing the Spikes in the market. Keeping your eyes and ears on the market is key to achieving the best prices. Here this is a service that we provide for all our clients looking at trading so if you would like to be informed please contact myself on [email protected]