The current topsy turvy trend for GBP/AUD is continuing. At the beginning of October the market was looking set for a push to 1.75 and beyond reaching a high of 1.74, however within a three week period levels had fallen back to 1.67, a fall of over 4%.
Today the pound has pushed on following positive unemployment data from the UK and a positive stance from Mark Carney head of the Bank of England. Following the release of todays Bank of England Inflation report Carney indicated that the UK recovery was taking hold. He indicated growth for this year is forecast to be 1.6%, up from 1.4% previously thought, and for next year, annual growth is expected to be 2.8%, rather than the 2.5% it predicted in August.
The report said: “In the United Kingdom, recovery has finally taken hold. The economy is growing robustly as lifting uncertainty and thawing credit conditions start to unlock pent-up demand.”
We are currently seeing a recovery from the pounds point of view with levels recovering from 1.677 last week to over 1.72 at the time of writing. For me I still feel there is more value for Aussie buyers and would look again for the pound to push on from current levels. However October’s trends are a timely reminder of how quickly the market can shift and how opportunities can be missed.
Should you have an upcoming money exchange to arrange and you would like assistance getting the best deal then contact the office on 01494 787478. Alternatively email me with a brief overview of your particular requirement and I will contact you to discuss how we can be of assistance and how the currency service we provide works. Email Mike at [email protected]