With the Bank holiday tomorrow trader’s like myself are gearing up for the irregular effects we have come to expect on buying Australian Dollar rates during this period.
The bank holiday is only in the UK, so whilst our financial institutions are closed, the rest of the world will be operating as normal.
Sitting on the sidelines is frustrating, and frankly based on most forecasts those using the Pound to buy foreign currency will see further frustration.
The main driver of the recent rally on the Pound, as well as a continued source of stability during a tumultuous period for the UK economy has been the UK stock market.
This is the direct result of the Bank of England announcing a hefty increase in their quantitative easing programme to help stimulate the economy from the recent shocks. QE forces vast volumes of capital into UK financial markets in a bid to keep them ticking over – and this also makes them an attractive investment to outside buyers. Demand for them comes hand-in-hand with a natural demand for the Pound for the purchase.
However, with UK financial markets sidelined by the bank holiday one of the main pillars of value have been removed for the day. With little other data out to be released, we can expect a gradual reduction in GBP/AUD on Monday.
Luckily for AUD buyers however, losses will likely be overturned on Tuesday with the release of UK mortgage approvals and consumer credit figures for June. With fantastic retail sales figures for the UK, and stronger than expected housing market data last Tuesday, the consensus is for a strong showing for the Pound in this arena on Tuesday morning.
If you have an Australian Dollar buying requirement in the short-term and you wish to maximise the value of your Sterling holdings within that period, you can contact me over the holiday weekend on [email protected] to discuss a strategy for your transfer aimed at maximising your AUD return.
With September just around the corner and the fresh bout of August performance data which markets are anticipating, a premium will simply be put on being able to move quite quickly should any tempting opportunities emerge.
I have never had an issue beating the rates of exchange offered elsewhere, so a brief conversation could save you thousands on your transfer.
Australian Dollar sellers can also get in contact to discuss the options open to you over the next few weeks with the improvements expected to increase the chance of buying at any peaks which emerge.
You can also contact me using the form below and I will respond to you as soon as I can.
[contact-form to=’[email protected]’ subject=’ADF’][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Contact number’ type=’text’/][contact-field label=’Buying or Selling Australian Dollar’ type=’select’ required=’1′ options=’Buying,Selling’/][/contact-form]