Earlier today Australia released their latest Unemployment rate numbers. Unemployment dropped for the consecutive month by 0.1% to 5.6%. However at the same time Employment change data disappointing and was released at -3.9k. Consequently GBPAUD increased by half a cent and reached 10 week highs!
If you are buying Australian dollars today compared to the lows we have seen within the last 10 weeks you will receive an extra 10 cents. Putting this into basic figures a 200,000 Australian dollar purchase is now £6,600 cheaper!
Looking ahead with Unemployment dropping it seems that the Reserve Bank of Australia’s decision to cut interest rates last month has worked as we have seen an improvement in the labour market. For the next 3 months I believe the RBA will keep monetary policy the same therefore its important if trading GBPAUD to understand how the UK is performing.
Due to the Brexit the UK has lost value against all of its counterparts since June 23rd however in recent weeks the market has leveled out and in some cases the pound has made back some losses. Looking ahead the Bank of England have their latest interest rate decision this afternoon. The BoE cut rates last month to record lows of 0.25% therefore its unlikely monetary policy will be changed today.
When Governor Mark Carney addresses the public shortly after there is a chance he could state that further cuts could occur and therefore GBPAUD could fall away from the 10 week highs this afternoon. If you are buying Australian Dollars in the short term it may be worth taking advantage of the spike you have seen.
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.