The Pound vs the Australian Dollar has had a difficult week so far after some poor UK economic data during the last few days.
This was particularly evident after the UK announced a big fall in Retail Sales data which fell by 0.8% during September. This is now the lowest quarter seen since mid 2013 highlighting the slowdown in the UK.
The Brexit talks continue to dominate headlines and this data release could be evidence of the uncertainty from the consumer. Indeed, UK talks with the European Union are stalling with no breakthrough after having had a fifth round of talks over the last few days.
Prime Minister Theresa May has been trying to remain positive about the talks but at the moment we are no closer to finding a resolution.
In addition to this the Chinese economy has announced some positive signs during the early part of this week which is another factor in the reason for the recent strength of the Australian Dollar vs the Pound.
Looking ahead to next week Australian Inflation data is due to be released on Wednesday and as inflation has been rising globally in recent times we could see some volatility for the Pound vs the Australian Dollar towards the middle of next week.
Not only is the Australian inflation data very important but so is the release of the first estimate of UK GDP data due to come out on Thursday. As this is the first estimate this can often be very hard to judge and will provide the market with some evidence as to whether the Bank of England may look to be raising interest rates when they meet on 2nd November.
If you’re in the process of buying or selling Australian Dollars the the events will be Australian Inflation, UK GDP and the ongoing Brexit talks.
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 I can.