As mentioned in Tom’s previous post the RBA interest rate decision threw up no major surprises and interest rates were kept on hold, giving the Australian Dollar a little strength yesterday.
China has remained fairly quiet this week and that is set to continue as there is another national holiday there on Wednesday, and with very little Australian economic data out I expect it to be a fairly quiet start to the trading day.
Two points of note for anyone looking to buy Australian Dollars with Sterling, or to sell Sterling and buy Australian Dollars are the NIESR (National Institute of Social and Economic Research) GDP estimate and the Bank of England interest rate decision and meeting minutes. These are released on Wednesday afternoon and at Thursday lunchtime in the U.K and may have a large impact on the value of Sterling.
The NIESR will basically estimate U.K economic growth for the third quarter of 2015 and their estimates can be taken fairly seriously by the markets.
Secondly, the BOE may not be expected to raise interest rates in the U.K but the meeting minutes released at the same time may give an indication as to just how close this is to possibly happening. A hike in interest rates is usually positive for a currency and a cut negative and the markets move on expectation as well as fact so even the slightest hint of a change in when rates are due to be altered may lead to a volatitle afternoon for Sterling.
This is only the second time the BOE have released the minutes straight after the decision, usually they have us waiting for two weeks afterwards to see what was actually discussed.
If you are looking to exchange Sterling into Australian Dollars or you have Australian Dollars you wish to exchange into Pounds then it will be well worth you getting in touch with me (Daniel Wright) on firstname.lastname@example.org and I will be more than happy to contact you personally.
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