Despite some gloomy data out of the UK recently along with a Prime Minister coming under increasing pressure, the Pound has climbed gradually throughout the week.
There have been thin volumes as well as small trading ranges in what’s an uneventful marketplace by usual standards.
The main event this week has been the Queen’s Speech which was passed by a small majority of 14. May will be relieved to have passed this test even if only just after the snap election election she called this year failed to produce the intended outcome.
There could be further movement for the Pound to Aussie Dollar rate this morning as at 9.30am there will be UK GDP figures released which will measure the total value of all goods and services produced in the economy. This measure of economic output is likely to be followed closely as economic data is now playing a larger role in Sterling sentiment after politics has dominated since the Brexit.
The expectation is for a figure of 2% annually so expect to see any deviations from this figure to impact GBP exchange rates.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.