Markets are currently calming down after the surge of negative news which bombarded the UK economy during the first two weeks of the month, where buying Australian Dollar rates tumbled.
To summarise this was the lowest business confidence figures since the great recession which culminated in an interest rate cut in the UK economy, a fresh bout of quantitative easing, and slashed growth forecasts.
Now that the tirade has abated though, standard market forces of large scale buying of the Pound whilst it is cheap and we are seeing the Pound rise (albeit very gradually) due to this increased demand.
However, Australian Dollar buyers should be wary of this Friday where one of the few data releases over the next two weeks are expected – these are UK growth and business investment figures.
Both of these are expected to imitate the underwhelming (a nice way of putting it) data seen at the beginning of the month. Business investment has been siphoned away from the UK since the beginning of this year in the run up to the EU Referendum. There is a reason why investment in the Eurozone is 320% higher than the same time a year before.
As such Australian Dollar sellers may be presented with some further opportunities before this gradual rises may be re-introduced next week.
In the meantime AUD buyers may wish to approach the next few days as a chance to buy whilst the central level is still above 1.7. As many have seen even within a 24 hour period there are more opportune times to conduct a transfer, which is the proactive service which I offer to my customers.
If you have a buying or selling Australian Dollar requirement and I recommend contacting me on [email protected] to discuss a strategy for your transfer in order to maximise your currency return.
I have never had an issue beating the rates of exchange offered elsewhere, and if you have a transfer later in the year, you can also fix any tempting exchange rates available now ahead of time to avoid the potential pitfalls.
You can also fill out the form below and I will be in contact as soon as I am available.
[contact-form][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 Dollars’ type=’select’ required=’1′ options=’Buying,Selling’/][/contact-form]