Next week there are a number of key data releases out of both the UK and Australia, which could result in a move away from the current exchange rates available.
The Pound has been weakening in recent weeks after some disappointing data releases in a number of sectors within the UK, which is why I think those following the Pounds value against the Aussie Dollar as well as other major currency pairs should be aware of next weeks releases.
An already under pressure Pound could be put under additional pressure in the early hours of Tuesday morning at the Reserve Bank of Australia’s Meeting Minutes. A bullish RBA could result in further gains for the Aussie Dollar against Sterling which could push the AUD/GBP pair above the key physiological level of 0.60.
Then at 9.30am on Tuesday morning there will be an inflation reading in the UK, which is a key reading at the moment as the rate of inflation within the UK is currently above the Bank of England’s current target of 2%. I expect a low reading to result in Sterling weakness as it will decrease the likelihood of an interest rate hike in the UK in the short term future.
The is also an Inflation Report Hearing next week within the UK which could impact Sterling exchange rates for the aforementioned reasons.
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.