Will the Australian Rugby Team put up more resistance to the British Lions, than the Australian Dollar has to Sterling?!
My opinion is that 1.60 will not provide a resistance mark for long, and the medium term could see GBP / AUD trading in the early 1.60s (1.61 – 1.62) towards Autumn.
The current trend is a worrying sign for AUD sellers, as the last week alone has seen a 10% shift against the dollar. If you are holding the currency and would like to know what your options are, please feel free to get in touch. There are various options available to you including options to forward buy your currency, which is where using a currency broker could save you thousands of pounds!
AUD Buyers however will be enjoying the best levels for nearly a year. If you have been budgeting a rate of exchange of 1.50 for a property purchase of say $300,000, at todays high of 1.5889 the purchase would cost you around £11,000 less!
I work for a professional foreign exchange company, assisting clients to achieve award winning rates of exchange. There are several aspects that will affect the rate of exchange achieved, including timing. I am contactable on the details below should you wish to discuss a requirement.