GBP/AUD in detail
It was only recently GBP/AUD was shooting up threatening to break through the 1.85 mark. Unfortunately a host of poor data has been released, inflation was poor retail sales was predicted to arrive at – 0.5% and landed at – 1.2% and GDP was 0.1% the worst data for five years. The Bank of England (BOE) were widely predicted to hike interest rates in May until these releases.
The market moves on rumour as well as fact so a hike had been factored into the rates, the bad data caused investors to lose confidence and following the hike GBP/AUD has been in the 1.79’s. A five cent movement is not a small move. The movement is definitely more to do with Sterling weakness more than Aussie strength. The Reserve Bank of Australia (RBA) has a similar interest rate forecast as the UK. If I was selling Aussies I would be looking to move at current levels.
I believe Sterling is chronically undervalued, I do not expect there to be a huge rally short term, but clarity in regards to Brexit will cause the pound to rally. It is important to remember GBP/AUD was 2.20 + pre- Brexit.
If you have a currency requirement I will be happy to assist. If you let me know the details of your trade I will endeavour to produce a free trading strategy. During a period of such uncertainty it is important to be in touch with an experienced broker if you wish to maximize your return. We have tools at our disposal to make sure you do not miss out if there is a spike in your favour.
If you already have a currency provider in place. Drop me an email with what you are being offered and I am very confident I will be able to demonstrate a significant saving. It will only take you two minutes and I am sure it will be worth your while. You can trade in safety knowing you are with a Foreign Currency Direct PLC, a firm trading for over 16yrs and FCA registered.
If you would like my help feel free to email me at [email protected].
Thank you for reading.