This week would suggest that the pound has started to level out against the Australian Dollar as GBPAUD started the week in the 1.69s and finished in the mid 1.71s.
The pound strengthened this week when inflation, retail sales and unemployment numbers all exceeded expectation. Many economists predicted the opposite as they believed the ‘Brexit’ would have had a detrimental impact on the UK’s economic data releases.
It was a quiet week for Australian data releases, one to note was the RBA’s minutes released early Tuesday morning. The minutes stated the RBA expected a period of growth in Australia therefore its a surprise this data release didn’t help the Australian dollar to strengthen against sterling this week.
Looking ahead, Governor of the Bank of England Mark Carney, is set to give his latest inflation hearings Tuesday. It will be no surprise that he believes inflation is set to rise as the BoE have cut interest rates and are injecting stimulus into the economy. As for Australia, there are no data releases set to be released this week that should have a major impact on exchange rates.
Australian dollar sellers have seen over a 30 cent gain against sterling and now the market has appeared to have levelled out it may be worth thinking about putting a strategy in place.
The currency company I work for has won numerous awards for exchange rates therefore it enables me to trade Australian dollars at rates better than other brokerages and high street banks. I would recommend sending an email with a brief description of your requirements and your timescales (this is very important, the length of time you have will change your options) and I will email you with my strategy and the process of using our company [email protected].
Alternatively if you would like to discuss your requirements over the phone call 0044 1494-787478 and ask to be put through to Dayle Littlejohn. Please note I am not back in the office until Monday morning.
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