UK Retail Sales which came out this morning saw record figures which haven’t been seen in years. The estimate for month on month was 0.4% but came out at an amazing 2.6% and the year on year figures estimated to be 2.6% showed an increase of 5.3%. This has seen Sterling soar across the board and continue to hit recent record highs against the Australian Dollar.
If you’ve been reading this website for some time you’ll know my feelings that I think we’ve got a little further to go on GBPAUD exchange rates before it begins to fall so if you’ve got a requirement coming up soon then contact me to discuss how we can help save money when buying or selling Australian Dollars Tom Holian [email protected]
On Tuesday morning the Westpac Conusmer Confidence survey is released and I think this is likely to be negative. Many of my clients down under are worried about the unemployment levels and cost of living so confidence is likely to be rather low at the moment. With a potential rate cut over the next few months this could also be one of the reasons why the Australian Dollar has weakened recently.
Wednesday next week the Bank of England minutes are due out and it will be interesting to see how the Bank feel about interest rates and any talk of Quantitative Easing. The Claimant count will also be out on Wednesday and with Mark Carney saying on a number of occasions that the BoE is unlikely to change interest rates until UK unemployment is lower than 7%. The expected level is 7.4% so anything less could see Sterling strength.
If you want to save money compared to using a bank when transferring currency then contact me directly Tom Holian [email protected]