Earlier in the week UK inflation numbers gave support for the pound and GPBAUD exchange rates has increased 4 cents in the last couple of weeks. To put this into monetary terms a 200,000 Australian dollar purchase is now £3,000 cheaper.
Tomorrow the Bank of England will release their latest interest rate decision and I expect this decision to dictate exchange rates for the remainder of the week. Even though inflation numbers now sit at 2.9% I don’t expect the Bank of England to hint towards a future interest rate hike and if anything I expect the Governor of the Bank of England Mark Carney to talk down the pound.
In recent months Mark Carney has insisted that monetary policy will be dictated by developments coming from Brexit. At present UK and EU negotiators cant find common ground in regards to how much the UK will pay to leave the EU and EU citizens rights therefore this is my reasoning why I dont expect this event to help the pounds value.
Short term Australian dollar buyers may wish to purchase there currency at some point tomorrow morning.
The currency company I work for has won numerous awards for exchange rates therefore it enables me to trade Australian dollars at rates better than other brokerages and high street banks. I would recommend sending an email with a brief description of your requirements and your timescales (this is very important, the length of time you have will change your options) and I will email you with my strategy and the process of using our company [email protected]. Alternatively if you would like to discuss your requirements over the phone call 0044 1494-787478 and ask to be put through to Dayle Littlejohn.