The pound has weakened against the Australian dollar reversing all of its recent gains falling back down to just over 1.80 following stronger employment data down under and good export numbers from China. Unemployment came in better than expected at 5.8% but it was the employment numbers which showed a further 14,200 jobs were created in April which really boosted the Aussie Dollar. The data is very positive for Australia and the possibility of any interest rate cut seems unlikely in the near term. As such further gains for GBP AUD are likely to be limited. A move to 1.83 for GBP AUD may be the maximum on the horizon now with the likelihood of further dollar strength if data continues to impress.
The above news will be welcome for those looking at selling the AUD as you have seen your funds diminish over the last year. I do not think we will see a big gain for the currency though so acting on spikes in your favour will be key for you to maximise your exchange.
If you are looking at buying the AUD then you may be wise to act before we see a further potential gain for the AUD. If you are reading our site and have a requirement to exchange funds from bank to bank and are not looking for cash then we can help you achieve commercial rates of exchange to help you beat the rate your bank will offer you.
Please feel free to email myself Ben Amrany at [email protected] and I will explain the options available to you in trying to time your exchange.
Thank you for reading.