Over the last few months it has become apparent that the Australian economy has two clear parts; the mining industry and the rest of the country. The mining industry has been buoyant owing to Chinese growth and the demand for Australian raw materials but with the recent slowdown this has meant Aussie Dollar weakness. Having cut Australian interest rates a number of times already this year many of us on this site have been forecasting exchange rates of 1.70 for the GBPAUD currency pair. Indeed, rates hit as high as 1.7250 yesterday prior to the rate cut .
Rates were cut last night but not as much as some may have expected and as a result exchange rates have fallen from yesterday’s 3 year high. Having broken through the resistance level of 1.70 against Sterling there is a chance of further upside so if you’re thinking about buying Australian Dollars then feel free to contact me and I will explain how to help you save money by using a currency broker compared to using a bank to make your currency transfer. Tom Holian [email protected]
This morning at 930am the UK releases both Industrial Production data and also Manufacturing data. Expectations are for growth for year on year and anything less could cause volatility on the currency markets.
At 3pm we have a very significant announcement in the form of 2nd quarter GDP estimate as provided by the NIESR. This is measure of GDP for the UK is important and although not the official figures they are often fairly accurate so expect to see some movement of the markets both shortly before and immediately after the release.
If you would like to make a currency transfer today then feel free to contact me directly by email Tom Holian [email protected] The process is quick and easy and allows you to save money when buying currency.
I look forward to hearing from you.