There’s been further good news for the UK economy today which has once again resulted in Sterling strength.
This time it’s better than expected Construction data which has pushed up the value of the Pound, with the GBP/AUD pair hitting a mid-level of 1.7648 for the first time since the end of July. Today’s construction figure is significant because it reflects output, new orders, stock levels, employment and prices in the construction sector for August. With all the financial warnings regarding how the UK economy would perform outside of the EU, many would expect economic output to fall in the wake of the vote to leave yet the opposite seems to be happening in the UK at the moment.
Today,s construction figure shows that economic output is improving in the UK as have recent Manufacturing and Services figures. The majority of economic news releases out of the UK are coming out better than analysts are expecting and this positive news for the UK is spilling over into the Pounds value as we’ve seen the currency gain on most if not all major currency pairs over the past few weeks.
Those selling Aussie Dollars and buying British Pounds are still looking at attractive levels when it comes to making their conversions. Over the past 52 weeks Aussie Dollar sellers are looking at improved rates in the region of 12.75%, but if the current trend continues that will soon change so it may be an idea to get in touch regarding exchange rates as we’re in a position to improve on the rates offered by banks quite substantially.
Next week the Reserve Bank of Australia will have a meeting although no interest rate changes are expected. Any deviations from this could result in a big move for GBP/AUD exchange rates so feel free to get in contact if you wish to discuss this news release.
Feel free to get in contact with me on [email protected] in order to ensure you make a well informed decision on when to make that particular transfer, as well as benefiting from highly competitive exchange rates from one of the UK’s leading foreign currency brokerages. Just provide me with a basic outline of your currency requirement and I will be back in touch with you as soon as possible.