Excellent buying levels have been traded today, as the Pound pushes closer to that magical 2.0 level again. The Conservative majority has provided a welcome spike, currently holding rates in the 1.97 territory.
The Pound strength has been tied with some Australian weakness, as China (the main purchaser of Aussie exports) has reported an interest rate cut. As we’ve seen in primarily Australia, an interest rate cut is one of the most negative signs for an economy, so not good news for Australian Iron Ore Exporters.
I personally feel that now with the wind behind it, the Pound will test the 2.0 mark. I wouldn’t be surprised to see it achieve that level, so get in contact to set up a ‘limit order’, to automatically fill the order for you.
Call the trading line directly on 01494 787 478 (please quote this blog), or drop me an email with your requirement / strategy…
Have a good evening!