GBPAUD at 8 month high – Australian Dollar weakens to near 8 month low – when to buy AUD, when to sell AUD? (Steve Eakins)

AUD GBP Trades Above 0.5300 Ahead of Consumer Confidence

The GBPAUD currency pair has been very volatile over the last few weeks as the wind is taken from the sails of the Australian dollar.  As a result this blog has become increasing popular with clients looking to maximise their currency trade.  Here we a provide pro-active service highlighting peaks in the market so our registered clients can take full advantage of swings.  Whether you are looking at relocating over to Australia or moving to the UK we will be able to help save you money on your exchange. Simply put if that was not the case we would not be in business.

GBPAUD rates break 1.5750

Over the last 24 hours GBPAUD rates have peaked to a near 8 month high following another damming report for China.  China and Australia are key trading partners so when something is positive or negative for China it normally has a similar impact on the strength of the AUD.  Overnight the International Monetary Fund (IMF) cut their growth forecasts for China suggesting there will be less demand for Australian resources and therefore weakened the dollar’s strength.  Great news for buyers who are looking for rates to climb over 1.60 but bad news for sterling buyers who are looking for rates to fall back towards 1.40 seen only a matter of weeks ago.

So what next for GBPAUD?

My view is that it is more likely for GBPAUD to climb in the next few days rather than fall so buyers may wish to hold off, while sellers limit their exposure by selling some of their funds.

The next opportunity for both AUD Buyers and AUD Sellers will probably be at the end of this week and start of next.  I expect this as demand for the AUD will probably swing widely over month end due to a mix of both Profit Taking and Carry Trades by investors.  As a result I would urge any client that has any exposure to this pair to be in a position to move quickly if it spikes in your favour, register your interest by clicking here or email me Steve Eakins directly on [email protected]

If you’re considering making a currency transfer and want to ensure you’re getting a competitive exchange rates when buying Australian dollars or selling Australian dollars then get in touch for a free quote – Steve Eakins – [email protected]