The Bank of England are due to meet tomorrow at midday to announce their latest interest rate decision. Since the vote to leave the European Union back in June Sterling has fallen by as much as 40 cents vs the Australian Dollar and shortly after the Brexit vote the Bank of England chose to cut interest rates to 0.25%.
Bank of England governor Mark Carney has been publicly criticized by some politicians as to his gloom and doom mongering since June but he has been very strong willed and spoken out in defence of his decision.
Indeed, Carney has extended his tenure for another year taking him up till 2019 which briefly provided the Pound with some support against the Australian Dollar.
However, tomorrow we could see an interest rate cut and if we do or even hints that one could be coming this could cause Sterling to fall again vs the Australian Dollar.
The Pound has really struggled since the Brexit vote and more recently the official announcement made by Prime Minister Theresa May that Article 50 will be triggered in March 2017.
Australian Import & Export data is due overnight and I think with the recent rise in value of Australian commodities this could see further Australian Dollar strength overnight if the economic data is better than expected.
Having worked in the currency markets since 2003 I am confident of being able to offer you better exchange rates when buying or selling Australian Dollar compared to using your bank.
For further information or for a free quote then feel free to contact me directly and I look forward to hearing from you.
Tom Holian [email protected]
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