Increased demand for commodities such as iron ore have increased the value of Australia’s mining-dependant economy. Most of the job losses and poor export data which have weakened AUD in recent months have emerged from this sector in particular – so there should be no surprise that positive news is having the opposite effect on GBP-AUD rates.
The election in the background is likely why the losses against the Dollar have been exaggerated on the currency markets. With one week to go and no front-runner emerging, the uncertainty is causing Sterling weakness to emerge against most major currencies.
Those with Dollar requirements to purchase should get in touch as soon as possible to discuss how to take advantage of these favourable rates whilst they are still present.
Call through to the trading floor on 01494 787 478 and ask for Joshua – alternatively, email me on [email protected] to discuss your situation in more detail.