The pound has gained against the AUD this week with rates spiking to around a high last seen around 6 weeks ago. It is hard to put a finger on what has caused the spike but data from the UK has been looking healthy of late and global uncertainty surrounding events in Ukraine and Russia is more than likely assisting the weakening of the AUD as investors move funds out of the high risk AUD and into the safer haven currencies like the USD, CHF and potentially the pound.
Going forward the movement out of the current range bound could be down to which economy looks at raising interest rates sooner. Inflation has fallen in Australia and in the UK there have been strong calls for rates to raise. Which ever economy does this first that currency will be the winner. If you are selling AUD my recommendation would be to get in contact with us and we can help you try and time your exchange. It was only recently that the pound was at 1.90 and a movement like that again will seriously harm your return on the exchange. The likelihood of seeing 1.60 again I feel is very unlikely.
If you are in the situation needing to move money internationally and looking for the best price – please feel free to contact the author – Ben Amrany – via the telephone number at the top of the page or via email at [email protected]
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