The Australian Dollar has recovered some of its losses after falling to a low of 1.8350 last week to recover back to 1.8230 today against the British Pound. The AUD originally weakened after the Reserve Bank of Australia’s Governor Glenn Stevens commented that the Aussie Dollar was once again overvalued. This along with some negative economic data from down under sent the currency spiraling as it was as high as 1.7850 just a short while ago.
The pound recently has been one of the best performers against the major currencies with significant gains as the UK is out performing many other major economies and interest rate hikes are surely around the corner in 2015.
For those with a keen eye on GBP/AUD this afternoon (UK time) sees the NIESR GDP figures being released for the UK. This is an estimate for Q2 on how much the UK economy has grown by. This could be a big market mover and cause volatility as it is keenly eyed by analysts to give a good indication for how the official figures may be released. A good positive number could assist the pound to push back towards 1.83 but if less than anticipated we could see a movement back below 1.82.
The recent gain for the pound against the AUD has bought some excellent buying opportunities but today’s business confidence survey has already put the pound on teh back foot so all eyes will now be looking at this afternoons data.
If you have a requirement to buy or sell the AUD and would like to speak with us regarding the service we offer to help you achieve better rates of exchanges along with a personal service to help you beat your banks rate then please do contact myself Ben Amrany at [email protected]
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