Currency Index takes home UK Customer Experience Award
18 October, 2013
This week has been dominated by the ongoing US government shutdown and it’s temporary lifting, following the agreement reached on Wednesday. Anyone expecting this agreement to make a huge difference to the US Dollar’s current weakness is very mistaken as it has only moved the next inevitable confrontation back to February 2014. Any potential strength was also knocked back when a Chinese ratings agency dropped the US’s sovereign debt rating from A to A-.
As a result of the agreement we will start to see US economic data come through again, with September’s Non Farm Payrolls scheduled for the 22nd of October and October’s figures moved back by just one week to the 8th of November. Other releases will be shoehorned in to the coming days and weeks, so if you have any currency purchase, not only a Dollar purchase or a purchase of one of its pegged currencies, please do make sure you keep a very close eye on things, as the markets are likely to be very volatile during this period of multiple backdated releases.
Today sees an almost complete absence of any data of note, so maybe this could be the quiet before the storm.
For those of you considering a purchase and/or move to Australia, there was some interesting news from Goldman Sachs yesterday. There have been widely held expectations that the RBA would be cutting interest rates next month, which would almost certainly weaken the AUD and is likely one of the factors behind the higher rates we have seen for buying AUD in the last few months, but Goldman yesterday revised its outlook to a cut not before March 2014. This is likely to see a bit of a correction in the AUD’s favour, so if you have a purchase coming up, it might be best to look at securing something soon.
Currency Index was yesterday awarded 1st prize in the UK Customer Experience Awards, and we are very proud to be looking after our clients so well. With that in mind please do stay in close contact with your CI account manager to be kept informed of what is happening in the markets and your best options for your upcoming currency purchase.
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