Overnight the Reserve Bank of Australia released their latest minutes and as I expected they had a fairly bullish tone. New Governor Philip Lowe when appointed two months ago insisted that cutting interest rates could have a detrimental impact on an already trouble housing market and the minutes seem to reinforce that an interest rate cut is unlikely this year.
The major talking point for the UK has been the Brexit and Sterling has dropped a remarkable 36 cents against the Australian dollar since the UK public decided to vote out on June 23rd. With UK Prime Minister Theresa May announcing Article 50 will be invoked in March I expect sterling the pound to remain under pressure until then.
Thursday morning Australia are set to release their latest Unemployment rate and Employment change numbers. Unemployment is set to rise however Employment change numbers are set to improve. There is a good chance the data releases will counteract one another however expect a volatile morning trading period.
For the time being I expect GBPAUD exchange rates to remain in the lower 1.60s and higher 1.50s. However overtime I wouldn’t be surprised to see rates fall to the lower 1.50 by the end of the year.
Many of our competitors use online trading platforms for their clients and I have the ability to improve on the exchange rates offered. The currency company I work for enables me to be able to negotiate in a live market to achieve clients better rates of exchange.
If you are needing to buy or sell Australian Dollars I would recommend emailing me with your requirement and timescales and I will respond with your options [email protected]. Alternatively if you would like to discuss your requirements over the phone call 01494-787478 and ask to be put through to Dayle Littlejohn.