Pound hits its lowest level in a month against the Aussie Dollar, despite Aussie woes

Due to Australian Dollar weakness, for reasons we will touch on shortly the GBP/AUD rate hasn’t been in the headlines recently which is in contrast to GBP/EUR and GBP/USD rates for example.

The Pound has been losing value over the past few weeks as cross party talks regarding the Brexit deal and UK Prime Minister May has announced her departure date regarding her term as Prime Minister. Uncertainty over the future of the UK’s trading relationships has now increased as the new leader of the Conservative Party is yet to be announced, as the route to Brexit has now become less clear.

If the new Conservative leader is open to leaving the EU this year without a deal in place, I think we could even see the Pound fall further, we have already seen the Pound lose almost 4% in less than a month the the GBP to EUR rate fell a record 13 days in a row.

The drop for the Pound against the Aussie Dollar has been less dramatic than the drop against other major currency pairs, and this is due to Aussie Dollar weakness which has stemmed from concerns surrounding the Chinese economy due to the trade war talks between the US and China. Should the situation between the US and China improve I think we could see the Pound lose even more value against the Aussie Dollar.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.

For more news on foreign exchange rates and to request a free no-obligation quote visit www.currencies.co.uk