The Pound made some surprise gains vs the Australian Dollar during today’s trading session with the announcement of the latest UK inflation data.
The latest measure showed an increase to 2.9% and this could put a small amount of pressure on the Bank of England when they meet to discuss their latest monetary policy on Thursday.
The chances of an interest rate hike as far as I’m concerned is a long way from happening and rumours are that we won’t see a rate hike until 2019. However, if inflation continues to rise in the UK then this could see a rate hike being brought forward.
Tomorrow morning UK unemployment figures come out followed by Average Earnings. With the disparity between average earnings and inflation this could potentially cause today’s gains to be eroded.
Therefore, if you’re in the process of making a currency purchase involving Australian Dollars then make sure you keep a close eye out on the UK’s economic data in the morning.
If you have a 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 (Tom Holian) on [email protected] and I will endeavour to get back to you as soon as I can.