The Reserve Bank of Australia has come out prior to next week’s budget and suggested that economic growth will slow for year on year seeing the best exchange rates for a few weeks for GBPAUD.
It also expects unemployment to go up to 6.5% with the potential to get worse over the next few months.
This is not good news for the Aussie economy which has seen a slowdown in recent months.
With the RBA already having cut interest rates recently I think we could see Sterling gaining against the Australian Dollar over the next few days as the UK economy settles down after the results of the general election.
The UK general election saw GBPAUD rates surge over the 24 hours as the results came out to confirm a Conservative majority which is soon as good news for the UK providing the country with a further period of stability.
On Tuesday morning we see the release of UK GDP figures for the last 3 months and any positive signs could see Sterling gaining against the Australian Dollar providing an excellent opportunity to buy Australian Dollars.
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]