The outlook on the Australian dollar remains negative in my opinion, particularly looking at their latest Unemployment data. The deteriorating jobs market should be a concern to anyone who is expecting to sell AUD in the future, particularly if it is sterling that you are purchasing.
This week has underlined the strong likelihood that GBPAUD is likely to rise higher in the future as the UK is on a path to raising interest rates, Australia is on a path to higher unemployment and likely lower interest rates which will weaken the AUD.
If therefore you need to sell AUD in the future it may be that moving sooner really is the best course of action. As upsetting as it may be do such a thing, this is the only way to avoid being caught out further in the future. The losses on the Australian dollar in the last year have been staggering, some 45 cents between the high and the low! It is worth remembering historically current rates to sell Australian dollars are still favourable though. I went backpacking there when it was 2.5 Aussie to 1 pound!
Longer term the pound is likely to slowly retrace many of the losses of the last 6 years and soon work it way back to and eventually above 2 aussies per pound. For more information on how to transfer currency at the very best rates of exchange and important information on your transfer, please contact me Jonathan on [email protected]