Sterling Australian Dollar exchange rates have been getting close to hitting 2 recently and have on occasion just broken through on the mid-market level.
The surprise interest rate cut last month saw the AUD weaken by over 2% on the same day of the announcement.
With the RBA due to announce their next decision on Tuesday I think rates will be kept on hold and the RBA will comment on not if but when they’ll cut rates again.
However, as highlighted in last month’s minutes the RBA is concerned about the property market bubble and if they cut interest rates this could send property prices down under even higher which could cause a problem in the longer term for the economy.
On Wednesday Australian GDP figures are due out. Expectations are for 2.6% so anything different could cause volatility for Sterling vs Australian Dollar exchange rates.
If you have a currency transfer to make and want to save money on exchange rates compared to using your own bank then contact me directly for a free quote. Tom Holian [email protected]