Sterling receives a boost against the Australian Dollar following Bank of England minutes (Daniel Wright)

Australian Dollar Forecast Set for Bleak End to 2020

The Pound has made gains against most major currencies this morning following news that two members of the monetary policy committee had voted in favour of an interest rate hike at the last interest rate meeting for the U.K.

MPC members Weale and McCafferty both voted in favour of a hike in rates stating that they felt an early rate rise would facilitate the aim to ensure future rate rises are gradual as planned.

For those of you that are not aware, an interest rate hike generally is seen as positive for the currency concerned and a cut in rates negative, so the fact that we now have members of the Bank of England seemingly in favour of interest rates rising will no doubt help Sterling in the short term.

You must be cautious though as merely a week ago, Governor of the Bank of England Mark Carney actually commented that he wasn’t too happy with the current strength of the Pound at present as it was starting to impact our exports and weighing on economic growth.

If you have a transaction to carry out involving selling Australian Dollars to buy Sterling or indeed buying Australian Dollars with Sterling then it is well worth you getting in contact with me directly and I will be able to help you both in terms of getting award winning exchange rates and a smooth and efficient service.

You can email me (Daniel Wright) directly on djw@currencies.co.uk with a description of what you are looking to do and I will be more than happy to contact you personally.