The Australian Dollar dropped off early yesterday morning after some worse than expected GDP figures were released.
Whilst analysts were expecting to see a quarterly growth figure of 0.3% the figure actually came out at -0.5% which demonstrates that the Aussie economy has been contracting in recent months.
The value of the Australian Dollar has been weakening over the past month or so with the Pound gaining over 10 cents in just the past month.
I’m expecting to see the Aussie dollar continue to decline should economic data continue to disappoint, but whilst I’m expecting further Aussie weakness I do think those planning a currency conversion involving the Pound should be aware that the currency could be fragile at current levels, after gaining so much value in such a short period of time.
Due to the volatility between the GBP and AUD currency pair it can be a wise decision to plan around important news releases. We offer limit orders which can allow our clients to achieve their target prices by setting up automated orders. If you wish to discuss this system in further detail do feel free to get in touch.
There are some important inflation figures out early tomorrow morning which could move markets if the figure released deviates from its expectation of 2.2%. The figure comes out at 8.30am so feel free to get in touch if you wish to plan around this.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well be worth your time getting 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.