Sterling vs Australian Dollar exchange rates had a difficult time of it last week falling a few cents from the start to the end of the week.
The RBA decided to keep interest rates on hold down under which surprised some analysts and this led to huge investment into the Aussie Dollar during the early part of the week.
The FOMC minutes published in the US suggested that the US may raise interest rates in June which also led to global investors seeking a higher interest rate yield in the meantime by buying Australian Dollars.
Over the next few weeks the UK goes to the polls which is likely to cause a huge amount of volatility for GBPAUD exchange rates.
At the moment none of the parties are close to forming a majority which could lead to another hung parliament which could be detrimental to Sterling.
However, I do think that the RBA will cut interest rates at next month’s meeting which could help to weaken the Australian Dollar.
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]