The Pound made gains of over 2.5% against the Antipodeans - A difference of £5000 on a £200,000 transfer which just goes to show that by being smart and in a position to book out a rate off of the back of one phone call can make a huge amount of difference on the cost of a property or business transaction overseas.
From what I can see there wasn't any major U.K data out yesterday however potentially a group of releases may have led to the strength, alongside carry trading.
Carry trading is where investors will borrow money from a currency with a low interest rate - (GBP,JPY) and shift them over to a currency with a much higher interest rate (NZD,ZAR,AUD) in order to get a better return for their funds.
Also today sees the revised GDP figures out for the U.S.A and they are expected to be officially out of a recession - A common saying on the currency markets is that when the U.S sneezes the U.K catches a cold therefore this could well be seen as positive for the Pound as well. Expect high Dollar volatility should this release be any different than expected.
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Have a great day and thanks for reading!
Daniel Wright
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