The GBPAUD pairing has already moved a fair amount this week along with the forecasts for its future. At the beginning of the week AUD Retail figures showed a steep improvement strengthening the AUD. On Tuesday the Central Bank of Australia did not change the interest rate for the dollar but hinted it could happen sooner than initially thought, weakening the dollar against a basket of currencies. Yesterday the Pound also strengthened considerably as PMI figures for the Service sector showed a huge improvement against both last month’s figure and the expected release. I don’t expect the volatile trading will slow down any time soon.
Later today there is some key GDP figures for the UK which is again expected to be revised up creating more Pound Strength. On Thursday we have UK Interest rate decisions, plus key Unemployment Figures for the AUD. There is a Monetary Statement from the Reserve Bank of Australia (RBA) on Friday and lots of key US job data which will have an impact on risk appetite and the demand for the AUD. All this means that this pairing will probably swing by maybe 2 cents between the high and low over the next 72 hours, adding $4,000 to a £200,000 purchase with AUD. It means if you are in the market and need to move funds within the next few days timing will be key and this is a service which we can help with if you wish. We have been helping people in this situation for over 12 years and with access to award winning exchange rates you can be comfortable in knowing that you will be saving money against your current provider; bank or broker.
Longer term I personally expect the GBPAUD to trend upwards, in the favour of the Pound. The reason for this is that the RBA continually tells us that they are concerned about the AUD strengthening, the head of the bank has made over 25 interest rate changes in his term and I expect another within the next few months. Saying that however and as you can see from this last week and next few days, the currency market will never move in a straight line so there will be opportunities if you are a seller, you just need to be in a position ready to go when an opportunity shows itself, PLUS you need to know when these are available so keep a close eye or contact us here. We can help with SPIKE NOTIFICATIONS and RATE ALERTS allowing you to make an informed decision.
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