The next key data release for Australia will come on Tuesday when the Reserve Bank of Australia will meet to discuss their latest monetary policy decision.
The Australian Dollar has been struggling particularly vs the Pound recently when it hit the lowest level since the Brexit vote back in June 2016.
However, towards the end of this week UK GDP for the first estimate saw the slowest pace of growth since 2012 which led to Sterling collapsing against the Australian Dollar as well as a number of other different currencies.
This is good news for anyone looking to sell Australian Dollars to buy Sterling but the question is how long will this last?
I think the gains could possibly be short lived for the Aussie Dollar as have have seen a consistent weakening of the Australian Dollar over the last few months and therefore I think this movement may not last for too long.
On Tuesday, the Reserve Bank of Australia will hold their latest interest rate decision and the current expectations are for a rate hike to come summer 2019.
Inflation in Australia has been an issue for the RBA and therefore I cannot see any positive rhetoric in terms of changing the current expectation and this is why I think we could see the Pound fighting back following the announcement on Tuesday.
Therefore, if you’re considering buying Australian Dollars with Pounds it may be worth being patient and seeing if we have a recovery on Tuesday.
Having worked in the currency markets since 2003 for one of the UK’s leading currency brokers I am confident not only with being able to offer you bank beating exchange rates but also help you with the timing of your currency transfer.
To find out more or for a free quote then email me directly and I look forward to hearing from you.
Tom Holian [email protected]