What a week it has been for the GBP/AUD rate of exchange. We have volatile swings in the market with the lows being in the 1.71’s and the highs spiking in the 1.79’s. This is a difference of 4.5% from the high to low and has caused concern for those of you looking at buying or selling the currency pair.
The biggest mover for the pound has been down to the Scottish referendum which is headline news at the moment. Monday was the low point in the week when many clients were selling their AUD as the polls in the UK showed that the YES vote was ahead. Over the rest of the week the polls started to turn and showed that the NO campaign was once again ahead and has assisted the pound to recover all of its looses now back at 1.79.
Looking forward the voting will take place on the 18th of this month and with a week now to go if the polls continue to show the NO vote ahead we expect the pound to remain strong. We feel it is unlikely that the Scottish citizens will vote for independence and it could assist the pound to continue to move upwards the closer we get to the next interest rate rise.
Overnight the unemployment data will be out down under and could help a slight rebound for the Aussie. With how the current data sets have been performing I feel it will give the opportunity for further sterling gains. if you are selling the AUD you will be wise to look at your exchange sooner rather than later to stop any further losses. Targets of 1.85 could be around the corner.
If you would like more information on the currency exchange service we offer with our rates of exchanges please email me with your contact details and number and I will call you to introduce the service we can provide. You may email myself Ben Amrany at [email protected]
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