Last night Australian home price index fell causing the AUD to slightly weaken across the board as Chinese industrial production and retail figures also came in lower than expected which may bring with it some good buying opportunities today if selling the pound to buy the Aussie Dollar. With data a little thin on the ground for the rest of the week down under you should be focusing on UK events to try and get a positive movement for buying Australian Dollars.
On Wednesday the Bank of England’s quarterly inflation report will be released which may include changes to the central bank’s interest rate outlook, given Britain’s stronger-than expected economic recovery of late. If the right comments come out of the BoE then sterling could push back towards the 1.82 or above tomorrow.
One hour before the UK inflation report which is out at 10.30 we will have the latest UK unemployment numbers. As stated in previous reports the amount of people in work in the UK is being directly linked to when interest rates may rise in the UK. Last month was the first time in a number of years the unemployment has fallen below 7% with the reading out at 6.9% We are expecting another fall on this number to 6.8% Like always should the rate fall down to 6.8% or better then we should expect some sterling strength on Wednesday morning and if the reading heads back towards 7% we may see some losses for the pound.
The next couple of days will be key for GBP/AUD and should there be healthy numbers out of the UK then the recent losses against the Australian Dollar could be slightly reversed. If you are looking at buying or selling the AUD in the near future then please do feel free to contact myself Ben Amrany at [email protected] I can explain the options available to you in trying to achieve the best exchange rate and our savings can be very significant over the high street banks.
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