Will GBP/AUD continue to move upward, and is 1.70 a realistic price target? (Joseph Wright)

The next 24 hours are likely to be busy for Sterling exchange rates across the board, so if you’re planning on making a foreign currency exchange it’s worth keeping a close eye on currency markets and making your currency broker aware.

At 12.00pm tomorrow afternoon (UK time) the Bank of England will announce it’s most recent Interest Rate decision as well as the banks plans for monetary policy moving forward, and how the voting members of the BoE voted.

Then 30 minutes later the Governor of the BoE, Mark Carney will give a speech which is likely to be watched closely as is always the case but especially now that the Brexit plans are public and soon to be implemented.

Positive sentiment surrounding the UK economy after recent GDP figures demonstrated that the economy is the strongest performing in the G7 group of countries has boosted the Pound’s value. Since it’s lows in January the currency has strengthened by around 6 cents making large currency transfers from Pounds into Aussie Dollars much cheaper.

At the same time there are fears regarding the Aussie economy after recent data demonstrated a slowdown in inflation. This coupled with a slowing property market has left many economists believing that there will be interest rate cuts down under this year which could push AUD lower, offering those converting GBP into AUD with more attractive trading levels.

If you are planning to make a currency exchange involving the Pound and the Australian Dollar, it’s well worth your time getting in contact with me on jxw@currencies.co.uk 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.