Last night the Reserve Bank of Australia published their latest set of minutes. The focus was aimed at the labour market as well as monitoring economic growth.
Earlier this month the RBA cut interest rates to just 1% which is now the lowest rate in history for Australia.
The general feeling is that the RBA will keep interest rates on hold but are ready to cut further if necessary.
One problem that the central bank faces is that as interest rates are at record lows this leaves them little room to cut even further.
On Thursday of this week the latest set of Australian unemployment data is due to be released.
Depending on the announcement, this could cause some movement for GBPAUD exchange rates so if you’re in the process of transferring Australian Dollars pay close attention to what impact this may have on exchange rates.
Over the weekend Chinese GDP data was published. The growth figures showed 6.2% which was similar to what was forecast.
The data was the lowest level since 1992 so although it is falling it is still extremely high compared to other Western economies.
GBPAUD exchange rates are now trading at their lowest level since January 2019 creating some excellent opportunities to sell Australian Dollars to buy Pounds.
Early next week the UK leadership election should be concluded.
The likely winner is Boris Johnson but whilst there is still some uncertainty as to who will become the next Prime Minister the Pound is facing some uncertainty.
Therefore, once we have a new leader in place could this provide the Pound with a small boost against a number of different currencies including vs the Australian Dollar?
I have worked for one of the UK’s leading currency brokers since 2003 and I’m confident that I can save you money on exchange rates compared to using your own bank so please contact me directly for a free quote.
Tom Holian [email protected]