Despite a boost to Sterling exchange rates yesterday afternoon the Aussie Dollar has continued to remain strong, bucking the trend which is a good indicator of Aussie Dollar strength right now.
The Pound rallied against most currencies yesterday after the Bank of England’s Kristin Forbes suggested that an interest rate hike in the UK should still be considered due to the reasonable levels of economic growth and the large amounts of ‘easy money’ available to the markets.
Additionally, there were comments from David Jones, a Brexit minister in the House of Commons that helped give the Pound a further boost yesterday afternoon. Jones announced that the House of Commons will be asked to approve the final Brexit deal before it’s put forward and this move leans towards a ‘softer Brexit’ which is why the pound gained value.
The reason for the Aussie Dollars resistance to a surging Pound is the hawkish Reserve Bank of Australia’s comments this week, whilst Chinese economic data has also impressed which is a good indicator for the Aussie Dollar strength in future due to the economies being closely linked.
In the current market conditions it can be comments made by key figures that move markets, and if you wish to be kept up to date with short term market movements feel free to get in touch.
If you are planning to make a currency exchange involving the Pound and another foreign currency, it’s well 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.