GBP/AUD through 1.71 – will we see 1.75 soon? (Mike Vaughan)

AUD GBP Lower as Traders Await RBA Meeting

Sterling’s topsy turvy run against the Australian Dollar has continued with levels pushing through the 1.71 level for the first time in a month and bringing the pounds gains to over four cents in a two week period. Its big shift was following the non-farm payroll figures which improved pushing the date the FED may consider tapering QE closer, something in the long run that is likely to hamper the Aussie in my view.

Looking shorter term and this week is set to be very busy, particularly from the pounds point of view. Starting tomorrow we have the UK inflation figures at 09:30. Importantly will then be Wednesday’s unemployment figures, again at 09:30, followed by the Bank of England’s quarterly inflation report. This report and unemployment will give further hints as to the Bank’s future stance on interest rates and can affect the market accordingly.

Looking at data in Australia – watch out for tomorrows Westpac’s consumer confidence figures.

For me I feel the pound is set for a strong week against the AUD and could offer some better buying opportunities. To discuss the currency service we provide and the multiple contracts we can offer to help maximise your exchange then please contact the office on 01494 787478 or email Mike at [email protected]