Getting the best exchange rate can be achieved by understanding what is driving rates and the service of a specialist currency broker. Below are movements in just a month affecting Pound Sterling rates when buying £200,000 during this week:
|Currency Pair||% Change||Difference on £200,000|
The Australian Dollar has lost ground in the past few days, following the surprising wage growth figures released overnight on Tuesday night. Wage growth came in at 0.5% against analyst’s expectations of 0.7% which is the reason why we saw Australian Dollar weakness. Wage growth is an important release, if wage growth is a lot lower than inflation (the increase in the costs of goods and services) then you can generally expect an economy to drop off a little, as people will have less money in their pocket to spend. Bad economic data can then in turn lead to weakness for a currency, and with markets moving well in advance of an event actually happening this is why we are seeing a good opportunity to buy Australian Dollars at present.
We also had the release of Australian unemployment figures overnight last night, and despite seeing the best unemployment levels we have seen in the past four and a half years in Australia, we did not see the AUD reap the rewards.
The seasonally adjusted unemployment rate dropped to 5.4% from 5.5% which would usually lead to Australian Dollar strength, however the news on wage growth earlier in the week, coupled with a few global issues going on have kept the Dollar from gaining any strength.
The rest of this week will be fairly quiet in terms of Australian Dollar news but do not let that fool you into putting your feet up if you have an exchange to carry out involving Australian Dollars.
The Australian Dollar is well known as a ‘riskier’ currency, so news around the world can still have an impact on the value of the Australian Dollar, meaning it can move at any time without prior warning.
If you are yet to register with us then it only takes two minutes to register for a free, no obligation trading facility which means you can access competitive buying rates in one quick phone call. Feel free to contact us today on 01494 725353 or email me here and we will run you through the quick and simple process of having one set up.