The Pound has continued to hold on against the Australian Dollar even after some alarmingly low UK Retail Sales data was published on Friday morning.
Retail Sales especially in December are an extremely important indicator of the UK economy as December is when shops try and make their most money.
With the data for December coming out at 1.4% compared to the expectation of 3% the data typically would have seen a much bigger fall in the value of Sterling. However, this highlights that investors seem to be quite happy holding the Pound at the moment.
The US Dollar has weakened to pre-Brexit levels against the Pound and Sterling has held steady against a number of currencies including vs the Australian Dollar which is good news for anyone looking to send money down under.
Indeed, China’s economy also showed signs of growth which again would typically strengthen the Aussie Dollar as China is Australia’s largest trading partner.
However, some sources have suggested that the figures are not entirely accurate as previous economic figures for the year before were inaccurate and overstated.
As we move into next week one of the most crucial days of the week will come on Wednesday when the UK releases the latest set of both Unemployment data as well as Average Earnings.
The jobs market in the UK has been going very well recently hitting the best levels in decades whilst average earnings have been struggling to stay in line with inflation so if you’re in the process of moving Australian Dollars then keep a close eye out on the data release on Wednesday.
If you have a need to make a currency transfer in the coming days, weeks or months then feel free 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 compared to your bank or another currency broker.
Even a small improvement in the exchange rates can make a big difference so feel free to to email me and you may find you could save yourself hundreds if not thousands of Pounds. You can email me (Tom Holian) on [email protected] and I will respond to you as soon as I can.