The Pound has made some small gains vs the Australian Dollar during today’s trading session after UK wage growth increased at an annual rate of 2.9% during the first quarter of this year.
The data outpaced inflation and the combination of falling unemployment has helped the Pound make some gains vs the Australian Dollar. With the growth in wages this may provide the Bank of England with some evidence to support an interest rate hike in the longer term.
The news is clearly a good sign for the British economy but as the central bank held rates on hold only last week with a 7-2 split I don’t think the BoE will be raising interest rates any time soon.
Tomorrow morning Australia releases its own Wage Price Index which is a measure of inflation so this could negatively affect the value of the Australian Dollar if the data shows a reason for concern.
Arguably the biggest day for anyone with an Australian Dollar requirement will come on Thursday when Australia announces the latest set of data for both the Unemployment rate as well as the participation rate which will provide a measure of how the economy is performing down under.
Having broken back past 1.80 I think we could see a few positive days ahead for the Pound vs the Australian Dollar so if you’re thinking about making a currency transfer to Australia it may be worth keeping a close eye out for what will happen during the course of this week.
My prediction is that if you’re planning a purchase of Australian Dollars it may be worth aiming to try and get 1.81.
Having worked for one of the UK’s leading currency companies for 15 years I am able to offer you bank beating exchange rates as well as helping you with the timing of your transfer when exchanging Australian Dollars
For a free quote then contact me directly by calling 01494787478 and asking for Tom Holian when calling or email me directly with a brief description of your currency requirement and I look forward to hearing from you.
Tom Holian [email protected]