GBPAUD rates have climbed over 4% in the last 30 days and have recently broken the 1.72 level, the highest seen in over 3 years. This has been down to building speculation that Interest Rates were going to be cut last night and they were, however by less than the market had expected. A 0.5% cut was widely expected but it was only cut by 0.25%, as a result rates have fallen back as it was not released the same as the market had priced in. Last month the Australian government cuts its growth forecasts and warned that unemployment could rise further later this year.
As a result I expect rates to continue to gain in the longer term but am wary about the UK data tomorrow. If I was looking at buying AUD in within the next few weeks I would be looking at moving now. If I had more time I would be temted to wait or slit the transfer as with the newly set election date things I am sure will get more messy for the dollar. I would urge anyone looking to buy AUD in the near future to move ASAP as a result. If you have time on your hand contact the author at [email protected]currencies.co.uk for a longer term forecast around the newly set election date in September.
If you have a pending currency transfer involving the Australian Dollar and any major currency then feel free to get in touch with me directly as our company not only has won awards for our exchange rates but also our customer service too. You can email me directly on [email protected] and I will get back to you personally.