The Aussie has gained significant strength over the the pound for two reasons. 1. A host of positive data and 2. EU referendum polls. We have seen better than expected data on building approvals and car sales, but more predominately GDP and unemployment coming in at record levels.
The ICM/Guardian polls were released on Tuesday and they showed a swing in favor of the leave camp. Due to this Sterling dropped against all major currency pairings. The EU referendum will be the most significant factor in any trade involving the pound. Judging when to move is key to maximising your return. If you are performing a transfer short term or long term it is vital you speak to a broker in order to prepare a strategy to prepare for possible EU referendum outcomes. There are contract options available which could prove very beneficial in present market conditions.
On Tuesday next week at 05.30 we will see the RBA’s interest rate decision. I would be surprised to see any change considering there was a rate cut so recently form 2% to 1.75%. Despite the Aussie performing very well across the board. The RBA may drop rates later in the year in order to make their raw materials more appealing to the Chinese thus weakening the Aussie.
If you have a currency requirement I will be happy to assist. I am prepared to beat any competitors rate of exchange and also help time your trade to give you the best possible return. Please do get in touch by contacting me at [email protected]. Why not check out our company’s credentials at the following links www.currencies.co.uk and ww2.feefo.com/en-gb/reviews/foreign-currency-direct-plc#?timeFrame=ALL&sort=newest. Thank you for reading my blog.