Since the start of the week GBPAUD has dropped from 1.7560 to 1.7290 making a 200,000 Australian Dollar purchase £1,778 more expensive.
Latest trade figures (last night) for Australia showed a reduced deficit which has provided support for the Australian dollar. Trade figures have a major impact on exchange rates for Australia as the country heavily relies on the export industry.
As for the UK monthly and yearly Manufacturing numbers showed a contraction earlier in the week and this didn’t surprise me. I believe the UK’s decision to leave will continue to weigh down on UK economic data and regularly we will see falls for the pound.
Looking ahead tomorrow morning Australia release their latest Home Loans figures which gives a good indication to the housing market. A decline is expected therefore we could see the Australian Dollar weaken tomorrow morning.
Next week the Bank of England are set to release their latest interest rate decision. Interest rates were cut to record lows of 0.25% last month and I would be very surprised if the BoE change policy this month. Therefore I expect the decision itself to be a non event however when the Governor Mark Carney addresses the public shortly after this is when we could see major volatility on the market.
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.