The Australian Dollar today continues its turbulent journey at the moment jumping up to just below 1.89 before residing towards the lower 1.87’s at the end of the day. Sterling has started the week of with a flurry as good news came from the purchase of several Tata Steels sites by Greybull Capital. There was also some unexpected news as there was a Japanese Yen sell off that resulted in large investments in Sterling.
Today Australia reported positive figures for the number of Home Loans in February and the amount of investment, both of which were significantly up. Moving into tomorrow there will be a significant amount of data released for the Pound, most importantly the Consumer Price Index. This will indicate the inflation movement for March, this is expected to show an improvement. There is further data that will be expected with the consensus expecting plenty of positive news for Sterling.
The run-up to the Brexit vote has caused large losses already for Sterling against the AUD and as we move closer to June it is likely to worsen. If you are looking to purchase Aussie Dollars there is very little good windows where the rate may improve. Tomorrow could be one of the only days where there might be an increase, it would be the first simultaneous positive days in nearly a month.
If you are looking for further information regarding the Australian Dollar, please feel free to reach out to me at [email protected], I would be happy to discuss my forecast further.