Sterling’s value is holding steady against the Australian Dollar following a slight uplift overnight. This was seen as China data put the spotlight on their growth levels and therefore their demand for the Australian resources.. It is normally this time in the month that we see markets move on rumours as economic data is lacking to take full focus of the currency traders. This however will change now, eyes will be fixed on the UK with two of their largest reports published both tomorrow and Friday. This is UK Retail Figures and the latest GDP figures. Retail has an impact on, what is estimated to be, 60% of the UK economy as the recovery is really build on consumer spending. Unfortunately this is expected to show a fall as the warm winter stops the normal run to the shops for winter wear, as a result sterling’s value is expected to fall in early trading tomorrow. This trend is expected to continue on Friday with GDP figures also forecasted to show a drop, all pointing towards a weakening UK economy which will shortly be priced into the value of the Pound.
So if you are looking at buying any currency with Sterling this week or arguably through October I would personally move before these releases and trade ASAP this afternoon. On the other-hand if you are buying the Pound this is good news and I would be posed to move very quickly over the next 48 hours to get the best prices. If you would like more of a breakdown of the times these are expected, what the market will do in the run up and therefore how to time your trade feel free to break radio silence and get in contact. Along with that we offer award winning exchange rates helping people save money on their currency transfers for over 15 years. Simply put, if we could not help you save money, we would not be in business! Contact myself Steve Eakins via email at [email protected]