I anticipate today will be fairly quiet without much data of note as everybody will be waiting to see what happens with US GDP and the Fed interest rate decision tomorrow, and EU CPU and unemployment figures on Thursday. Sterling Aussie is still hovering just over 1.80 and I expect any variation in US monetary policy will have an impact on the commodity currencies like the Aussie.
In the short term I still expect GBP AUD to see saw around 1.80 but I think the Aussie could make further gains against the Euro, particularly if EU inflation is low on Thursday. The next ECB rate decision is in early August and whilst I don’t think they will take action so soon after having just cut interest rates, the accompanying press conference that goes with the decision will be hugely important.
If you need to transfer money to Australia, and want to get the best exchange rate, then getting the timing right on your currency exchange is vital. The data releases that affect currency rates can cause market movement within seconds, so feel free to email me for more information about our currency transfer services and how we can keep you abreast of events. Email Colm at [email protected]