The Pound’s value is rising across the board of major currency pairs today, with GBP/AUD hitting levels as high as 1.8527 at its highest level so far today.
Sterling had begun the day positively and it was boosted around 9.30am this morning as Manufacturing data came out slightly better than expected, with the forward looking Purchasing Managers Index (PMI) figure showing a positive reading of 53.1 meaning that there is an improving outlook within the industry at the moment.
With the chances of an imminent Brexit with no trade deals in place now a lot less likely due to the extension the UK has been given, sentiment surrounding the economy is picking up and not only has this been reflected within today’s manufacturing data release, but also within the property market which saw another slight gain this month and a small year on year improvement of 0.9% despite the uncertainty.
Tomorrow there will be a raft of economic data released around lunchtime by the Bank of England as the BoE’s interest rate decision along with comments afterwards from BoE governor Mark Carney providing an insight into the monetary policy plans moving forward.
Whilst the Pound has been climbing, the Australian Dollar hasn’t been helped as some disappointing data out of China for April has softened the Aussie Dollars value across the board. Those of our readers hoping for a stronger Aussie Dollar should be aware of this due to the interconnectedness of the two economies.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome 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. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on [email protected] and I will endeavour to get back to you as soon as I can.