Queens Speech has potential to cause movement on GBP/AUD
Tomorrow we will see the state opening of parliament and the queens speech which had been delayed as the conservatives and the DUP thrash out a deal. The UK is currently in political limbo at present and this has been very detrimental to the pound, if we go by what is taught in economics class you would expect the pound to rally once there is a government in place. It is common knowledge that we will see a conservative-DUP coalition and the market will have largely factored this into the current GBP/AUD rate. What I think will have more bearing is what plans the coalition have for the country particularly regarding the brexit strategy. A change from Theresa May’s hard brexit plan could well occur, as the DUP would favour a soft border between Northern Ireland and Ireland, this would mean a move away from May’s plans of border control and a hard brexit. It is important to also note that senior members of the conservatives have threatened to challenge May’s leadership if she changes her plans on a hard exit. If you have a currency trade to perform involving GBP/AUD you need to be in touch with an experienced broker if you want to take full advantage of short term spikes. There are a number of options to ensure any tempting peaks which emerge are not missed and if you would like me to help, be sure to get in touch in quickly so I am aware of your situation and can assist in maximising your return. My details are at the bottom of the article.
RBA Minutes gives an indication of what could influence future Australian Dollar value
The Reserve Bank of Australia (RBA) minutes take place two weeks after the interest rate decision. They provide an account of policy discussion and also how the committee voted. This can give a real indication of what monetary policy changes can be made in the future and can influence GBP/AUD.
The minutes took place during the early hours of this morning and is was much the same as the previous meeting, interest rates were kept on hold at 1.50%. Housing and employment will be key factors in interest rate judgement as detailed in the minutes.
Data will continue to hit the wire throughout the month regarding these key indicator, affecting the value of the Australian Dollar consistently. Feel free to get in touch if you would like me to keep an eye on these releases for you, I can contact you if an opportunity presents itself.
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