The Australian Dollar has weakened against the pound over the last day or so moving from around 1.78 back towards the 1.81 level which is representing attractive buying AUD rates. The surge for the pound must be attributed to the positive data to of come out of the UK recently. We recently witnessed UK unemployment level dropping down to 6.9% which is below the key 7% recently mentioned by the Bank of England for when they may consider looking at hiking interest rates in the UK. While we also heard that UK retail figures were significantly better than expected for March also contributing to the spike.
The fall in unemployment went some way to boost the pound and next week there will be some more key data which could drive the pound up against the AUD. Firstly on Tuesday we will learn what the latest growth figures for the UK will be. GDP is expected to grow by 2.7% and any number higher than this will surely help the pound recover more of its losses against the AUD from the last month. Could 1.84 be avail;able by the end of the week?
In Australia data is very thin on the ground until this time next week when we will learn what the latest new home sales will be for March. I would not hold my breath that this release moves the market so you may be wise to look more on the UK side of things to gauge what may occur with the rates.
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