According to the Confederation of British Industry the outlook for the UK economy is ‘exceptionally strong’ which is great news for the UK and potentially Sterling going forward longer term. The survey focused on 675 firms in the UK suggested that growth expectations are the best they’ve been since 2003 when the survey began. Retail, Services and Manufacturing all look good at the moment.
With the IMF having suggested that the UK growth forecasts will be the highest this year out of all G7 countries this is likely to give the Pound some strength in the longer term if the forecasts come true.
Wage inflation has also surpassed inflation for the first time in years and the UK economy has had a very good run during April. GBPAUD exchange rates have pushed through 1.81 during the last few trading sessions and my personal feeling is that this will continue for the next couple of days.
UK GDP figures are due for tomorrow morning at 930am and if this is higher than expectation we could see Sterling improve in the morning.
US GDP is due on Wednesday and recently the Australian Dollar has been heavily affected by what’s going on in the US.
Therefore, if you have a currency transfer to make and want to save money on exchange rates compared to using your bank then contact me directly Tom Holian [email protected]