We are in for a big end to the week for anyone looking to transfer Australian Dollars as tomorrow brings with it a number of economic data releases down under.
We start tomorrow with the latest Unemployment figures for January as well as the Participation Rate which rose last month showing a small slowdown in Australia and this has weakened the AUD vs GBP following last month’s announcement.
I expect another slightly negative release for Australia overnight and I think this could provide the Pound with some support vs the Australian Dollar sending GBPAUD exchange rates in an upwards direction.
The Australian Dollar has remained under a lot of pressure against Sterling since the start of the year as the Australian economy has shown signs of a slowdown with the RBA unsure about what to do with monetary policy.
Inflation levels are very different from the west to the east coast and so a change in interest rates will not necessarily be of benefit to the whole country which is why the RBA are likely to keep interest rates on hold.
Meanwhile, the UK have hinted that the next interest rate hike may be coming in May and this is why I think we could see GBPAUD rates heading towards 1.80 before the end of the month. We end the week with RBA Governor Philip Lowe addressing the market so make sure you’re prepared to move quickly.
If you’re in the process of looking to transfer Australian Dollars and would like to save money compared to using your own bank then contact me directly for a free quote.
Having worked for one of the UK’s leading currency brokers for 15 years I am confident not only with being able to offer you better exchange rates but also help you with the timing of your trade.
For further information or a free quote email me directly and I look forward to hearing from you.
Tom Holian [email protected]