The Pound has had a funny week against most majors, remaining in the 1.34-1.35 range against the Euro, (albeit with some quite volatile moments) gaining ground back against the Dollar and pushing higher against the antipodean currencies (AUD,NZD,ZAR) even seeing the Sterling/Australian Dollar rate testing the level of 2.
One important matter that could really lead to an extremely lively start to the week is the issue with Greece. Whispers are that they are close to securing a debt deal which may bring a little certainty back to the Eurozone and confidence to the Euro, which in turn may lead to Euro strength at the start of the week.
Overnight on Monday night we also have the RBA (Reserve Bank of Australia) meeting minutes from their last interest rate decision which may give indications as to what the next move is and could really give the Australian Dollar some fairly sharp movements out of hours.
If you have been waiting to buy your Australian Dollars at a rate of 2 then a limit order may be a sensible approach. This is where you can set an order to buy automatically if the achievable rate becomes 2 or better and can be really handy as data comes out from both economies day and night so it means that any sharp movements will be taken advantage of on your behalf. If you feel that this type of order may be beneficial to you then feel free to email me directly on [email protected] and I will be happy to get back to you personally.
Tuesday will bring inflation data for the U.K which has been a fairly important talking point for Governor of the Bank of England Mark Carney over the past few months as the figure continues to drop steadily with major thanks to falling oil prices. An even lower figure will possibly weaken Sterling off a little as concerns of deflation will no doubt rise and although yesterday Carney said in his inflation report that rates would not rise until at least 2016 this could still just concrete that thought a little more.
An interest rate hike is generally seen as positive for the currency concerned and a drop in rates negative so whenever an interest rate hike is pushed back you can see a currency drop in value.
If you are looking to exchange the Pound into any currency or exchange any currency back into Sterling then feel free to email me directly on [email protected] with a brief description of what you are looking to do along with a contact number and I will be happy to get in touch.