GBPAUD rates fall – its getting expensive

Australian Dollar Strength as Travel Corridor with New Zealand Opens

GBP rates have been falling across the board over the last 24 hours after a UKGOV poll was released on the potential outcome of the Scottish vote. The vote, which is now just over 2 week ago, is currently expected to be a very close thing. This in turn created a huge amount of uncertainty for the future value of the Pound and saw Sterling’s value fall by over 1% within 10 minutes yesterday. Very scary for anyone with a currency transfer to make. This was then further added to last night when the head of the Reserve Bank of Australia commented on the potential intention of an interest rate hike in Australia.

As a result we have seen levels drop by over 2.5 cents in the last 72 hours.  A great return for anyone holding AUD looking to sell however quite scary for anyone in the opposite situation.

Looking forward I don’t think this period of volatility is over, there is data both tomorrow and Friday which could happily see levels swing once more.  Anyone with a currency transfer to make should be keeping a keen eye on levels as any breaking news can make a big difference on the cost of a transfer.

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