Could Australian Dollar strength continue this week?

AUDGBP Rests Below 0.5300 with Both Central Banks Up

The Pound has continued to remain under pressure against the Australian Dollar as the markets are still waiting to hear how the Brexit talks will go in the weeks ahead.

The ongoing uncertainty has piled more pressure on Sterling and one of the only currencies that Sterling is performing well against is the Euro which has struggled owing to what is happening politically in Italy at the moment.

On Friday UK GDP confirmed that the figures grew at the slowest pace in 5 years and this has provided further support for the recent decision made by the Bank of England to keep interest rates on hold earlier this month.

Looking ahead to the next few days there is not too much economic data coming out apart from UK Consumer Confidence figures on Wednesday followed by some housing data due to be published on Thursday.

One of the biggest events of the week in terms of the currency market will come on Wednesday as the US announce their latest GDP figures and typically this will often have a big impact on the Australian Dollar as it will either increase or discourage risk appetite and as the AUD is deemed a riskier currency this can often move the market for GBPAUD exchange rates very quickly.

On early Thursday morning the Chinese publish manufacturing data and then Private Sector credit data a few hours later so if you’re in the process of making a currency transfer involving Australian Dollars over the next few days I think the biggest day of the week could come tomorrow with US GDP data.

Having worked in the foreign exchange industry since 2003 for one of the UK’s leading currency brokers I am confident of being able to offer you bank beating exchange rates as well as helping you with the timing of your currency transfer.

If you would like a free quote then email me directly and I look forward to hearing from you.

Tom Holian [email protected]