We saw a flurry of economic data released overnight which only had a minor impact on Australian Dollar exchange rates. Chinese growth figures came out a little better than expected yet Retail Sales and Urban Investment had dropped which in the end virtually cancelled each other out.
As I write this Governor Stevens of the RBA is currently speaking on the Australian economy so expect an update on what he has said on the site a little later on. The real surprise is that although he has said on a number of occasions that he feels that the Australian Dollar is overvalued and is starting to hurt the Australian economy we have not seen a huge amount done about it and the Australian Dollar still seems to be standing strong.
Personally I still feel that we will break the 2 level for GBP-AUD but now that U.K interest rate hikes appear to have been pushed back to the middle of 2015 this may not happen until after the elections in April assuming that UKIP don’t make a charge in the coming months, leading to political uncertainty and a very fragile Pound. We did see this happen during the Scottish independence vote as we homed in on a result and it started to hang in the balance the Pound dropped like a stone.
If you have Australian Dollars to buy or indeed sell then it may be prudent to get in touch with me directly. The company I work for has won awards for our exchange rates against all other major brokers based in the U.K and Australia and I would be confident I can beat any level you are offered by your current provider.
Feel free to email me (Daniel Wright) directly on [email protected] if you feel I may be able to assist you with a description of your requirements and a contact number and I will be more than happy to give you a call personally.