Earlier this week on Monday the Pound SPIKED allowing clients that could move quickly or those that have registered for a RATE ALERT or SPIKE NOTIFICATION to take advantage. (To avoid missing the next opportunity make sure to get in contact and register your interest for this free information – email@example.com) GBPAUD revisited the week high and was only 3 cents from the near five year high seen earlier this month. This was following upbeat comments by the Marc Carney the head of the Bank of England (BOE.) He spoke over the weekend and was yet more upbeat about interest rate change in the UK next year. This is well before many expect a hike in Australia which has been the main reason for the rally recently on the GBPAUD pairing.
Inflation Figures for the UK was released yesterday which caused a slight stumbling bump for the Pound. This showed a fall which reduced the likelihood of an interest rate hike. Next month however the economic impact from the floods across the UK which is making production fall along creating transport issues is expected to push rates back over 2%.
KEY DATA RELEASE: Data today at 9:30 is key for the short term forecast of the UK as both this month’s BOE Minutes are released along with January’s Unemployment Figures. The Unemployment figure in the UK is expected to stay steady at 7.1%, which last month created the SPIKE everyone enjoyed. The Claimant Count Rate, which is the rate of job creation, is expected to take centre stage in the eyes on many market analysts. It is expected to fall which could see the GBPAUD rates fall further still. On Friday at 9:30 January’s Retail Figures are released which is also expected to see a fall. It all points towards this week’s forecast of GBPAUD rates dropping. This will be a welcome relief for people holding AUD as the trend is expected to return in favour of the Pound through the medium and long term.
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