The UK economy has had yet another good bit of news this morning as a new home report confirms new building has hit its highest level in 6 years. London’s development has now reached its best rate for 25 years.
The London increase was a 60% difference compared to 2012. During the last 12 months it seems as though the UK has gone from strength to strength so it’s no surprise to see this data so strong.
US consumer spending has risen in December which has resulted in USD strength and a big sell off from riskier currencies including the Aussie Dollar which has lost a cent against Sterling during today’s trading session. However, following the close of the European market we have seen Australian Dollar strength back into the 1.88 levels.
Next Tuesday the Reserve Bank of Australia meet to discuss interest rates. There is a small chance that a rate cut could occur but personally I don’t think they will owing to a positive business survey out earlier this week down under showing confidence at a 3 year high.
The UK is also due to meet next Thursday for their own interest rate decision. With no change due keep a watch out for any forward guidance commentary from governor of the Bank of England Mark Carney.
If you have a currency transfer to make and want to save money compared to using a bank then contact me directly Tom Holian [email protected]