John From Moneycorp

The Pound vs Australian dollar

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    Pound looking to end the week on a high

    After some difficult weeks, the pound looks to be ending the week on a high, rising against most major currencies.

    Positive retail sales in the UK and snippets of good news on the Brexit front this week appear to be contributing from the pound’s perspective.

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    The big news was on Friday last week as Britain and the EU came to an agreement. EU President Jean-Claude Juncker confirmed that sufficient progress had been made to move on to trade talks between the UK and the EU.

    The latest talks provided some resolution on the matter of the Irish border and reassurance of EU citizens’ rights.

    Following the announcement, there has been a lot of scrutiny on the Irish border issue and how, in fact, this will be resolved. 
     

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    Sterling soars

    The British pound has accelerated to the front of the fleet. Although the UK employment data were constructive, they were not remarkable enough to justify the pound's progress: Investors were buying sterling because it was going up.

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    Pound boosted today.

    The Bank of England (BoE) Monetary Policy Committee (MPC) voted unanimously to maintain the interest rate at 0.5%. There were hints that rate rises would be on the cards for the future as the Bank of England upgraded forecasts for UK growth from 1.6% to 1.8% for this year. If the economy progresses as forecast, the Monetary Policy Committee highlighted that “monetary policy would need to be tightened somewhat earlier and by a somewhat greater extent over the forecast period”.


     

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